Recently, I’ve been seeing everyone discuss on-chain privacy again. Put simply, I don’t have any illusions about “complete anonymity.” The on-chain public ledger is right there—at most, it makes it harder to link things together, but it doesn’t make them disappear. The compliance side is also pretty realistic: if you really run into risk control or an audit, ordinary users shouldn’t expect that a simple “I didn’t know” will get them through.

Staking unlocks and token unlock calendars have been brought up over and over lately—I understand the anxiety about selling pressure. But what I care more about is this: once emotions get out of hand, people go and mess around with “privacy channels,” and end up making their wallet labels even dirtier… Anyway, my current expectation is that you should split your holdings when you need to, keep your cold wallets cold, and leave fewer traces on-chain. You can want privacy, but don’t treat “privacy” like a talisman—because in the end, privacy you can’t protect still isn’t real privacy.