In the past few days, I saw new L1/L2 projects losing incentives and TVL, and a bunch of veteran users in the comment section complaining "mining, selling." I understand... Anyway, money will flow out, so don’t be scared by the terminology. I’ll focus on one main thread: in the end, who has the final say and how long it counts on the chain. Data availability essentially means “can I pull out the ledger and reconcile when something goes wrong”; ordering is “who’s in line, can they cut in”; finality is “how high is the cost to change your mind.” These are much more meaningful than just “the ecosystem is big.” What I still believe in is: building a solid chain by mastering these three aspects, and even after the hype dies down, it won’t be empty. I’ll go back and check the on-chain data now…