Recently, I've been analyzing the interest rate trend again. I feel that the most intuitive transmission to the crypto world isn't "who said what," but whether people are willing to take their money out of cash or financial products to take risks. When interest rates are high, I default to a risk appetite discount, and my positions also shrink accordingly: I prefer to earn less rather than let a drawdown ruin my mindset. To put it simply, this is a practice question—practicing how to act according to the rules when things look lively.

These days, new L1/L2 projects are starting to offer incentives to boost TVL. Longtime users in the group complain about "mining, then selling," which I can understand: when macro conditions tighten, liquidity becomes expensive, and everyone prefers quick in and out, turning incentives into one-time discount coupons. My approach remains the same: split the position into several layers, clearly define risk boundaries, and only treat participation as a test question, not as a belief... That's how I'll proceed for now.