The biggest cost of making money on a transparent chain is actually "being understood."

I used to think that transparency on the chain was an advantage until I actually tried a few strategies myself. I realized that sometimes transparency is like posting your wallet and operation manual on the bulletin board. What you just bought, which path you're planning to switch to, how large your position is, whether you're doing grid trading, or even if you're short-term or mid-term—all of these can be deduced by others just by following your address.

When the scale is small, it might be okay, but once the amounts grow, it creates a very annoying feeling: you're not just competing with the market, you're competing with "the people watching you." The most typical example is the chain reaction after your trading intentions are exposed. Someone copies your trades, someone preemptively hits your slippage, someone waits for you to make a large swap and then "sandwiches" you. You might be making the right judgment, but at the execution level, you're completely eaten alive.

Even more awkward is that it's not just about copying your strategy; your fund structure also becomes public intelligence—how much you have on which platform, when you move assets from chain A to chain B, where your profits come from—all can be pieced together like a puzzle. Frankly, this kind of transparency is more like forced exposure, which is quite far from the "privacy boundaries that finance should have."

That's why recently I've been paying more attention to projects that treat privacy as part of the financial infrastructure. I'm not interested in "mystery," but in this approach: you don't need to expose transaction details in the sunlight during normal times, but when you need to prove compliance, undergo audits, or explain certain rules, you can provide credible proof.

This approach is more like how institutions do accounting and auditing in the real world—keeping secrets when necessary, disclosing when required, rather than being completely naked or completely invisible.

If in the future on-chain funds become more professional, everyone will become increasingly sensitive to the "cost of information exposure." Many people only focus on returns, but I care more about whether the profits you earn can be securely realized without revealing your hand. I believe the infrastructure that can make this path feasible is the real opportunity.