This is the third time I've seen someone describe "on-chain privacy" as either black or white... My current expectation is quite simple: privacy is not invisibility, it's more about "not laying your entire wealth out in the open." When compliance is required, the inquiries will still come, but normally you just don't connect your address, social, and trading habits all in one line to make it easier for others.

Recently, someone compared RWA and U.S. Treasury yields to on-chain yield products, and honestly, the more it resembles traditional finance, the less likely it is to allow complete anonymity. Ordinary users shouldn't expect high returns, easy transfers, and no traces at the same time... I personally try to separate addresses, sign less with unclear authorizations, and use aggregators to reduce slippage when possible. Anyway, I focus on controlling the risks I can manage first, and leave the rest to fate.