Recently, I've seen a bunch of PFP profile picture changes, memberships, and brand collaborations. It feels like everyone is competing for attention on the "Who am I" aspect. Speaking of long-term value, there are indeed communities that become more and more like ID cards; but honestly, most of the time it's just emotional votes—today's lively, tomorrow's silent, the profile picture still there, but people have already left.

What’s more anxiety-inducing is that just as the main public chains are upgrading/maintaining, everyone in the group is guessing whether ecosystem projects will migrate. That little sense of "identity" from PFPs suddenly seems a bit fragile… If the chain shakes, people immediately think about where their assets are, whether fees will spike wildly, rather than how good the brand narrative sounds. Anyway, right now I’m just watching two things about membership benefits: whether they can survive cross-platform, and whether, in a market crash, they’ll just become "avatars that keep shining." Let’s leave it at that—tonight, the funding rates are starting to look really bad again.