Recently, I've been seeing everyone talk about on-chain privacy and compliance boundaries. My expectations are actually quite simple: don't dream of "absolute anonymity," and don't be scared into thinking it's "completely naked." On-chain is inherently like a public ledger; what you can do is raise the cost of association a bit—like not using one address for everything, not casually linking transaction notes to social accounts... but honestly, if someone really wants to trace, there's always a way to piece it together.

Regarding compliance, I'm more concerned with "explainability": whether one day you encounter risk control or a dispute, can you clearly explain where the money came from and what it did, rather than just a jumble of mixed paths. A friend recently complained that new L1/L2s are just pulling incentives, and veteran users are mining and selling, making the chain more like an assembly line. I can understand that—once incentives kick in, privacy needs and scrutiny pressure both rise. My bottom line is: privacy whenever possible, but don’t turn yourself into someone who can’t even explain their own transactions.