Staring at my wallet in a daze in the middle of the night, the more I think about it, the more I feel that on-chain privacy is pretty subtle. You know how those public ledgers work—once an address moves, everyone on the internet watches. A curious person can check it anytime and find out how much you transferred, who you traded with, and even roughly what position you hold. It feels like living in a glass house. But if you think the other way around, full anonymity also isn’t really realistic. Once compliance checks come into play, a wallet being tied to a real name can end up becoming a label. Bottom line: if ordinary people really want privacy protection, they may only be able to make do for a while with mixers or temporary addresses on L2—but once there’s large-scale movement, they still worry about being tagged as suspicious. Recently I’ve been seeing the complaints in the group about new L1/L2 projects pulling up TVL—old users keep saying “buy the hole and dig the sell,” and honestly, the more it happens, the more it makes me think privacy is actually a scarce commodity. If you have to worry about being watched even when you’re doing normal interactions, that’s when it really feels exhausting. Maybe this kind of concern is just normal. Anyway, let’s leave it like this for now—sleep, then we’ll talk again after waking up.