Recently, the biggest feeling about watching the market isn't "which chain is taking off again," but rather that interest rates are really like a main valve... When interest rates go up, everyone's risk appetite shrinks, and positions naturally become more cautious. Even on-chain activity feels a bit like "gathering for a game." It's quite obvious for me: when macro tightens, I prefer to hold onto some certainty, rather than chase after those incentives and twist the path into a knot.

Speaking of incentives, the new L1/L2 TVL growth strategy is back again. Long-time users complain that "mining, staking, selling" is quite real, and once liquidity is withdrawn, the remaining narrative becomes awkward. When I map out those MEV paths, I also think: many transactions aren't driven by faith at all, but by interest rate differentials, emotions, and capital costs all together.

But... I still believe, at least in myself, that I can gradually understand these transmission relationships, and not get slapped in the face every time by new gameplay. That's all for now.