Recently, I've been paying more attention to macro than to K-line charts... As soon as interest rates rise, the market's "willingness to take a gamble" shrinks back, in plain terms, risk appetite cools down. My position also changes accordingly: I still hold the profit position, but I care more about where the cash flow is coming from—whether the protocol truly has income or if it's subsidies burning money to keep it alive. Seeing Layer 2 projects start arguing heatedly over TPS, fees, and ecological subsidies, I prefer to first review the incentive rules and unlocking schedules, so I don't get excited and mistake "subsidies" for "revenue." Let's stay steady and take our time to organize.