Recently, I've seen a lot of people talking about "on-chain privacy." To put it simply, ordinary users shouldn't expect any invisibility cloaks... If your address, interactions, and fund flows are linked together, it's almost certain that someone can piece together your profile if they set their mind to it. Compliance is also quite a realistic concern: the points most vulnerable to restrictions are the platform/front-end/entry points, while the blockchain itself is like a public ledger—covering it up doesn't mean no one can see through it.

When I do lending myself, I care more about not treating "privacy tools" as risk hedges. The liquidation threshold won't spare you just because you changed your address; a rate spike or collateral drop can still cause a liquidation. Recently, modular and DAO layer narrative developers are excited, but users mainly care about two things: who can see their data, and whether they can be instantly blacklisted if something goes wrong... Anyway, lower your expectations—compliance and privacy are more about "boundary management," not magic.