Lately, I’ve been watching everyone argue about who has higher TPS on L2, who has lower fees, and who offers the most aggressive subsidies. Instead, I find myself a bit calmer… To put it plainly, all of this is pretty superficial. When you actually use it, you still have to go through exchanges, go through fiat on-ramps, and get swept by risk control. My expectations for on-chain privacy are very low right now: what it can protect against is people casually watching and some low-cost tracking—not “authorized people.” And don’t fantasize that there’s any gray, catch-all zone within compliance boundaries; in many cases, it’s just a matter of time.

My habit of staying calm is this: before placing an order, watch the order book and the cadence of cancels. The moment I see that kind of fake liquidity—where, in one second, a thick wall gets stacked up, and then in the next second, everything gets canceled—my hands automatically leave the keyboard… Let the bullets fly for a bit first. I’ll use privacy tools, but by default, they only reduce the probability of being watched, not an invincibility “get-out-of-jail-free” card. Anyway, don’t bet your life—just keep a way out.