Recently, there's been more discussion about where the line is on on-chain privacy and compliance. To put it plainly, ordinary users shouldn't expect the fairy tale of "complete anonymity." The settlement layer is a transparent ledger, so your expectation should be: privacy tools are more about reducing the chance of being casually scrutinized, not about giving you a cloak of invisibility. If you really want strong privacy, it might actually attract more focused attention, and the experience won't be as smooth.

On the macro side, with expectations of interest rate cuts coming back, the discussion of the dollar index rising and falling together with risk assets has resurfaced. When market sentiment heats up, various "smart money tracking" on-chain methods also reach a peak... This is when the boundaries of privacy are more evident: you might just want fewer targeted ads, but others will see it as "you're hiding something."

My own expectation is quite simple: compliance will become as ubiquitous as air, especially at the platform entry layer; on the on-chain level, the best you can do is not to treat addresses as IDs for life, avoid signing randomly, and try to separate your personal information from on-chain activities. Someone even complained that I "make transfers like a spy," but I can't do anything about it—anyway, you have to build some sense of security yourself.