These days, I've been discussing on-chain privacy and compliance boundaries. To put it simply, ordinary users shouldn't expect to be "completely anonymous and freely move between fiat and crypto." On-chain records are inherently traceable; no matter how many tools you use, you're just increasing the cost of association, not eliminating it. If you’re really targeted, it will most likely come down to the exchange/KYC process in the end. My expectations have always been low: privacy is about reducing the chance of being watched by outsiders, not a get-out-of-jail-free card.

By the way, looking at staking and shared security systems, it’s not surprising to be called a "clone": as yields stack up, so do risks. No matter how much you try to bypass on-chain, from a compliance perspective, it usually boils down to one sentence: where does the money come from, where does it go, and who are you. Last night, I tested a round trip with 23 USDT, waiting two or three minutes for confirmation. My thought was still the same: the less you expose, the better, but don’t mistake “invisible” for “nothing to worry about.” That’s all for now.