Recently, I’ve seen everyone arguing about whether the secondary market should be forced to implement royalties. To put it simply, everyone wants to “be good to creators,” but on the trading side, they complain that the costs are too high and liquidity gets constrained. For someone like me who leans more toward staking and is more low-frequency, it looks more like an incentive design problem: if you turn royalties into a hard deduction, in the end it may just give people a reason to route around it; if you loosen it completely, it can also end up treating creators like a one-time, disposable product.

Anyway, right now I’d rather support projects that put value into ongoing rights—for example, where holders can actually receive some tangible benefits, or where creators have a clear path for long-term contributions, not just relying on secondary trades to skim fees… Also, recently the funding rates have been extremely extreme. In the group, people are guessing whether there will be a reversal or whether the bubble will keep getting squeezed. I feel like the more emotional the debate gets, the more it shows everyone is looking for “certainty,” but on-chain incentives have never been that simple.

I’m going to wait and see—don’t get carried away or caught up in the hype.