On-chain privacy, my current expectations are fairly straightforward: don’t expect “complete invisibility”—more like “being less likely to be casually flipped through by random passersby.” To put it plainly, on-chain is like a glass fish tank. What you can do is simply don’t stick your ID card onto the tank wall: use separate addresses, don’t go around using the same avatar with the same payment address everywhere when sending funds, and don’t sign messages carelessly.

Also don’t think of compliance boundaries as strictly black and white; it’s more of a tightening gray area. When you compare things like RWA, US bond yields, and on-chain yield products, the more something looks like “traditional finance,” the more it’s likely to be scrutinized using traditional standards—questions like where the money comes from, who it goes to, and how it’s accounted for. For ordinary people, just keep a level mindset: privacy means reducing exposure, not escaping responsibility. For yield products, first clarify the rules and the exit path, keep your position size light, and being able to sleep at night matters more than squeezing out that extra bit of profit.