Lately, that feeling of "no one is taking the other side" in the market has returned, with orders so thin they look like paper. To put it simply, when liquidity dries up, you might think you're bottom-fishing, but you could actually be digging your own grave: slippage eats you up, and it's even harder to get out. My habit is to first reduce my position to a level I can sleep peacefully with, keep some bullets, and prefer to miss out rather than hold on stubbornly.

Recently, everyone has been comparing RWA, or the yields on U.S. Treasuries, to on-chain yield products. I listen to this with mixed feelings: steady-looking returns don't mean the payout chain is also stable, especially across chains and in the wrapping layer. Risks never come with a "discount on fees." Survive first, and if there's really an opportunity, then slowly pick it up.