When liquidity rates reach an extreme, my first reaction isn't to "rush in and be the counterparty," but to ask myself first: Am I earning the rate, or am I betting on the next spike? Frankly, when the market is at an extreme, the sentiment has already become a tightly wound ball. Going against the trend might yield some gains, but it’s more likely to wake you up with a slap of volatility.

I'm now more inclined to "duck and dodge," especially when acting as an LP, treating positions like system patches: small tweaks are enough. When rates are exaggerated, first narrow the range, reduce leverage, or even withdraw half to a stable pool and wait for the sentiment to calm down before gradually readjusting. If I really want to take the opposite side, I’ll only use very small probing positions—losing is just paying tuition, don’t stubbornly hold on.

Recently, watching Layer 2 projects compare TPS, fees, and subsidies in a kind of mouthwatering debate feels quite similar: the louder the data shouts, the easier it is to get caught up. Anyway, I prefer to sleep well and not turn myself into liquidity fuel. That’s all for now.