The part that stuck with me wasn't the privacy architecture itself, it was the default configuration when you first connect a wallet on TMX. Compliance mode is on by default; the "full privacy" routing sits one toggle deeper, behind a settings menu most people won't open on a first pass. $TMX, #TermMax , @TermMax , talk about transparency and privacy as if they're weighted equally, but the actual product experience quietly picks a side before the user does. Watching the task flow, maybe 80% of the interface real estate is dedicated to compliance-readable transaction previews, while the advanced privacy parameters get a collapsed accordion. That's not a flaw exactly, it might even be the sane onboarding choice for regulatory reasons, but it does mean the "coexistence" in the pitch is really a sequencing decision: compliance first, privacy for whoever goes looking. I kept wondering whether that ordering is temporary scaffolding for early adoption, or whether it's actually the permanent shape of the product once incentives settle. Either way, the default is doing a lot of quiet narrative work that the marketing copy doesn't mention.