Lately, the more I look at the blockchain, the more I feel that "privacy" shouldn't be thought of as an invisibility cloak... The expectations for ordinary users are probably: don't treat your wallet like an ID card hanging on you, but also don't expect everything to be unseen. The blockchain is inherently like a transparent ledger; what you can hide more are behavioral correlations (don't always use the same paths or the same set of addresses repeatedly), rather than the transactions themselves disappearing.

The boundaries of compliance are also quite realistic: when exchanges deposit or withdraw funds, they basically return to the rules of the real world. KYC, risk control, blacklists—you can't avoid them. To put it simply, whether or not you use privacy tools is one thing; whether using them increases the "explanation cost" is another... I now tend to think of the blockchain as a public space, and not to leave too much information that can be pieced together.

By the way, I've recently seen everyone comparing RWA, US bond yields, and on-chain yield products. My first reaction isn't which one is higher, but which one is more likely to be held accountable, suspended, or have rules changed. No matter how beautiful the returns are written, in the end, it still depends on which side you're on. Anyway, I only try small positions—those I can sleep peacefully with.