Lately I've been thinking about on-chain privacy again. To be honest, ordinary users shouldn't hold onto the illusion of "complete anonymity"... Your address, crossing chains multiple times, entering and exiting CEXs, and using the same routing repeatedly can eventually be linked together. Compliance is also quite realistic: it's not that you haven't done anything wrong, but that you have to accept that the other party might ask you to prove "where the money came from and where it's going" at any time. As for bridges, don't even mention it—you're most afraid of liquidity suddenly being drained, making it impossible to run, and using privacy tools might just get you stuck longer, with higher fees taking another cut. Recently, everyone has been talking about rate cut expectations, the dollar index, risk assets rising and falling together—what I care more about is: when a wave of sentiment comes, on-chain tracking and risk control will also tighten. There are many tutorials, but right now I only pay attention to those that clearly explain the "traps that will be flagged" and "how the worst-case scenario might end," and forget about the rest for now.