I’m not very good at talking about big principles, but when it comes to on-chain privacy, ordinary users really shouldn’t cling to the fantasy of an “invisibility cloak.” What you can do more of is to break up your trail: split addresses, reuse less, and don’t make the transaction path easy to string together in one continuous line. As for the compliance side—let’s be real—what’s most practical is the entry and exit points. The CEX/KYC/fiat channels that need to be checked will still be checked, and it’s basically impossible to expect that no one will ever ask along the way.

Recently, I’ve been seeing everyone use RWA and things like U.S. Treasury bond yields to compare on-chain yield products. My feeling is: the closer something is to “traditional returns,” the more likely it is to be scrutinized using the traditional playbook—so you should scale back your privacy expectations accordingly. Anyway, my current strategy is: for anything that needs anonymity, I only do small on-chain experiments. If I really want to scale up money long-term, I default to assuming it could be traced at any time, and I bake risk controls into the scripts—less fussing around.