To truly achieve large-scale adoption, Web3 ultimately relies on two main pillars: compliance regulation and decentralization. This has been a longstanding challenge. Most projects are teetering between these two aspects—wanting to protect user privacy while also meeting regulatory requirements—resulting in being stuck in the middle, with growth stagnating and innovation hampered. In simple terms, it's a dilemma of choosing between the fish and the bear's paw. Some emerging solutions are beginning to explore new approaches: through privacy protection technology frameworks, enabling user data and identity verification to be truly compliant on-chain, without sacrificing the core value of decentralization or bypassing regulations. These innovative ideas are changing the industry's stereotypical perception that "compliance equals centralization." In the future, the competition in Web3 may come down to who can more elegantly solve this balancing act.