Today watching the NFT floor made me feel “educated” again… I originally wanted to pick up something with a “community narrative,” but the listing depth was so thin it might as well be paper. I almost got impulsive and swept in at market price. Then it hit me: when this thing actually needs to sell, there may not even be stairs—only a jump. The royalties are also pretty awkward: if you set them high, everyone just bypasses with wash/smuggling orders; if you set them low, there’s no money left to fund the narrative. In the end, it’s always liquidity that dies first.

Recently, those new L1/L2s have been using incentives to pump TVL, and I totally get why old users are complaining about “mine–distribute–sell.” Sure, it’s lively, but once the crowd disperses, you’re left with a whole floor of slippage. What scares me is that earlier I almost moved the little bit of collateral in the lending pool to chase the floor… Thankfully I held back—otherwise, with one needle-prick, the liquidation cascade would have had me as a background prop. That’s it for now—stay calm for a couple of days.