Last night, I looked at that pile of macroeconomic data, and interest rates were still stubbornly holding firm without easing up. The group chat kept asking, "Has risk appetite returned?" I was scrolling through governance forums and couldn’t help but laugh: everyone talks about long-termism, but their actions are the most honest. When interest rates are high, people sleep poorly at night, so their positions naturally shrink. What’s left is just finding a reason not to admit defeat.

To put it simply, the transmission path isn’t mysterious: if the risk-free rate is high, then these “high yields” on-chain have to compete more fiercely and be more creative. The result is that when new L1/L2 projects launch incentives to boost TVL, old users start complaining about “mining, selling,” cursing while treating their positions as temporary workers. My approach is pretty straightforward: when interest rates are high, I tighten my long-term expectations, layer my positions, and keep more flexible ones that can be withdrawn at any time. When the trend truly shifts, I’ll talk about faith. Anyway, process friction will never be lacking.