Honestly, recently watching the debate over whether royalties are actually paid in the secondary market feels a bit like testing the speed of liquidity withdrawal: when the market dips, everyone's first reaction is to cut costs wherever they can, and the creators' royalties become the first part to be sacrificed. Platforms say they’re considering trading experience, buyers say they don’t want to be charged extra, creators say then what am I even creating for… Anyway, everyone thinks they’re in the right.

I’m not sure which side it will ultimately lean toward, but I’m more worried about the risk of “expectations being shattered”: today you buy into an ecosystem narrative with royalties, tomorrow it suddenly turns into a zero-royalty floor race, trust erodes faster than prices.

Additionally, before and after the main public chain upgrades/maintenance, people are guessing whether projects will migrate. I’m actually more concerned about abnormal transfers on-chain, whether liquidity has been moved out in advance… Whether they migrate or not is fine, just don’t end up with creators and holders taking the blame together in the end. That’s all for now, continue monitoring risk signals.