Recently, there's been a debate about whether to pay royalties in the secondary market, sounding like "should I be charged an extra fee." Frankly, creators naturally want a steady cash flow, but traders are also afraid of being cut, especially now with frequent pledge unlocks, token unlock calendars being flipped back and forth, making everyone hypersensitive to the word "selling pressure."

I personally care more about whether the rules can be fixed and consistently enforced: if you're going to charge, set a clear price; don't say it's voluntary today and then force it tomorrow. The market's biggest fear isn't high prices, but uncertainty—setting stop-losses is also difficult. Anyway, I'll just reduce my position size first and wait until the emotions settle down.