I've been diving into this for a long time, but I still can't help but say: modularity, for end users, doesn't feel that "revolutionary." When you confirm with your wallet and wait for the funds to arrive, it still feels a bit faster/cheaper in terms of experience—at most, it reduces the pain of bridging back and forth (in an ideal scenario). What truly changes is the backend: once execution, data, and consensus are separated, liquidity becomes more fragmented, and if a layer encounters an issue, it can disrupt your experience for a while—basically, you don't care about the architecture, but you'll be educated by lag and transaction fees.

Recently, with extreme funding rates, everyone in the group is guessing whether there's a reversal or if the bubble will keep inflating. I see it more as "where liquidity is thinner." The thinner the layer, the easier it is to be pierced by a needle—don't chase that one line, and even if you do, you might not be able to exit smoothly. Anyway, I look at order book depth and cancelable orders first, not just the hype.