Recently, I've come across a bunch of profile pictures changing to new skins, joining membership groups, all shouting about the "brand narrative"… Honestly, I've seen too much of that and it's starting to get tiresome. Short-term attention is indeed appealing—swap out your avatar, turn on permissions, and the group immediately becomes lively. But after the excitement fades, who’s still around? I fear this kind of emotional trading when it comes to perpetuals and options. The more lively it gets, the more I want to reduce my position to avoid being used as fuel. I do believe in long-term value, but it depends on what’s left besides the "sense of identity": can it continuously produce content, foster collaborations, and keep the community engaged? Otherwise, it’s just like opening a blind box—once opened, it disperses.

By the way, recently everyone has been comparing RWA, US bond yields, and on-chain yield products. I’ve been pretty slow to react… I still haven’t fully understood whether those yields are stable or not. Anyway, whenever I see something that "looks like interest," I just raise a question mark. That’s all for now; I’ll review everything tonight.