Recently, people keep asking, "Can on-chain privacy really be protected?" I feel that ordinary users shouldn't have too high expectations: on-chain data is inherently easy to link together, and if someone really wants to investigate, it's just a matter of time and effort. Compliance is more like a rubber band—loose most of the time, tight when needed. Expecting that no one will ever monitor is unrealistic.

Modular, DeFi layer storytelling developers are very enthusiastic, but users only care about two things: whether they've exposed another layer of data, and who is responsible if something goes wrong... Anyway, my approach is to diversify as much as possible and not treat all addresses as a single ID card.

When I say "long-term," I don't mean a year or three; let's look at it quarterly: in three months, the trend can change twice, and the boundaries of privacy and compliance are roughly the same. Staying alive is the most important; if something feels off, just withdraw and run first.