Recently, I saw posts comparing RWA, US bond yields, and on-chain yield products again. It’s quite lively, but I care more about another question: how much can we really rely on on-chain privacy? To put it simply, on-chain is inherently a “public ledger,” just because you don’t write your name on your address doesn’t mean no one can piece it together, especially once you’ve transacted with exchanges—the compliance line is right there.

My own expectation is quite simple: privacy is about “not letting myself be socially dead at a glance,” not “I can do whatever I want.” If you really want to earn yields, do cross-chain transactions, or various interactions, the longer the path, the easier it is to leave traces. Don’t treat “anonymity” as a shield. Anyway, I’d rather earn a little less now, keep the process simple, and sleep well within compliance… just waiting for the next wave.