On-chain privacy, my current expectations are quite low: to put it plainly, a public ledger is "implicitly traceable," at best making it less obvious at a glance, but not expecting it to disappear completely. Compliance is not the opposite; it's more like a line: you may not want to be watched, but once you enter or exit fiat channels or interact with major platforms, many things are bound to match up. Recently, cross-chain bridges have been hacked again, and when absurd prices from oracle errors appear, everyone starts to "wait for confirmation" — which actually also shows that — when the system is uncertain, it still relies on consensus and risk control as a safety net, not on privacy magic.