I'm currently setting my expectations quite low for on-chain privacy: I assume that every step you take can be pieced together by others, it's just a matter of whether they are willing to spend the time. Don't think of compliance as "I haven't done anything wrong, so I'm fine"; it's more like platforms, gateways, and stablecoins tightening their controls. In the end, for ordinary people, it boils down to: when you need to explain your source of funds, it's best not to scramble at the last minute.

Recently, I’ve been comparing RWA, US dollar bond yields, and on-chain yield products. I care more about the details like "who is backing these yields, and who will cover the losses if something goes wrong." To put it simply, transparency on the blockchain doesn’t mean you’re safe, and compliance that allows for accountability off-chain doesn’t mean you have privacy. My approach is rather conservative: diversify as much as possible, don’t tie all identity clues to a single address, accept earning less, and keep things simple.