Privacy and compliance sitting on the same blockchain is a tough balancing act. Monero proved privacy-only works but stays in a silo. Hive's public-by-default model makes compliance easier but obviously trades off privacy at the protocol level. Layer-2 privacy — like encrypted memos or application-level zero-knowledge proofs — seems like the pragmatic middle ground. Keep L1 transparent for compliance, add optional privacy at the app layer. Do you see that middle path working long-term, or does privacy need to be protocol-level to be meaningful?