The biggest feeling I've had while watching the market these days is: when interest rates tighten, everyone's "dare or not dare to hold the drawdown" immediately changes. To put it simply, when the risk-free side becomes more comfortable, the market will withdraw its risk appetite, and no matter how firm your position is, you have to follow reality... I myself now treat my position more like a faucet; when the macro trend is wrong, I turn it down first, and wait for sentiment to warm up before gradually opening it again.

Layer2 is starting to argue over TPS, fees, and subsidies again, which is actually quite similar to the typical drama when risk appetite is high: when there's plenty of money, everyone talks about narratives and growth; when money is tight, they start doing the math and picking faults. Forget it, to speak plainly, what I care about more now is: who can stay in the community after subsidies fade, and keep the data from looking too bad, without turning cold start into a sprint.