I just chatted on-chain privacy with a few friends, and now all kinds of new L1/L2s are using incentives to boost TVL and pull in users. The old players are all saying “mine to sell” … Anyway, what I saw is that things are pretty divided. On one hand, people say privacy is a must-have—having every move on-chain watched is really scary. On the other hand, you still have to do KYC and get flagged for anti–money laundering: even if you’re transparent, you still have to be fully transparent, but if you’re not transparent, you’ll still be exposed half-way. Later I thought it’s kind of funny: ordinary users are stuck in the middle—there’s really no way to be fully anonymous and there’s no way to be fully real-name, it’s just selectively choosing what to reveal. In my view, don’t overcomplicate it: first lower your expectations—privacy where privacy is needed, compliance where compliance is needed; the gray areas are the norm. Don’t think about going for a huge overnight fortune or complete invisibility—just focus on staying alive first.