To be honest, when it comes to on-chain privacy, I initially thought it was pretty romantic. I figured that as long as I used a new wallet and didn’t have any ties to centralized exchanges, no one would be able to recognize who I am. Later, I got spooked by how airdrops led to “witch” hunters targeting people, and then I realized it wasn’t just that—some lending protocol upgraded its front-end restrictions due to compliance pressure. That’s when I came to understand that the boundaries are actually quite blurry.

If back then I had casually set up a hardware wallet and only made the cleanest donations and single transactions, maybe I could still freely interact with some protocols now. But how could ordinary users be that careful? Who isn’t using one wallet from start to finish?

Lately, I keep seeing people compare RWA and U.S. Treasury yield rates with on-chain yield products. To be honest, it makes me feel a little disoriented. The liquidation thresholds for on-chain lending protocols are getting higher and higher, but the underlying assets are becoming more and more realistic. It feels like things are safer, but you also lose some of that “once-in-a-kind” sense of freedom. Forget it—anyway, for someone like me, a small retail user, I’ll first make sure the Rainbow Bridge cross-chain transfer is done right. Getting the signature wrong doesn’t count as a win.