Recently, discussions about "privacy" on the blockchain have heated up again, and my expectations are becoming simpler: a public chain is inherently traceable, and privacy is more about raising the difficulty rather than making you disappear. To put it plainly, ordinary users shouldn't treat it as a talisman, at most as noise-canceling headphones.

The compliance boundaries are roughly the same; many products are packaged as "on-chain savings and earning," and they compare it to RWA and U.S. Treasury yields, which look quite stable. But the real income, fund inflow and outflow structures, and active address changes on the chain become very obvious once cooled down: hype can be fake, but cash flow doesn't lie much. A long-term habit is, if you can avoid linking all activities to the same address, do so; if you can leave fewer traces, leave fewer traces. Also, don't expect a binary choice between "full compliance" and "full anonymity"—most likely, you'll end up bearing the consequences in the gray area... Let's leave it at that for now.