Recently, someone compared the curve of stablecoin supply to ETF net inflows, saying "funds are coming in, so it must rise"... I find that a bit boring to listen to. Correlation can be so deceptive; an increase in stablecoins might be due to market makers, cross-chain arbitrage, or exchange inventory, and ETF activity could just be OTC trading, which doesn't necessarily mean on-chain adoption is about to take off. Honestly, whether the money is there or not, the key point is whether it can buy your liquidity.

By the way, I also saw discussions about NFT royalties again, with creators wanting to earn more, and secondary markets complaining that liquidity is being drained. It's human nature, but I can understand both sides. Anyway, when I encounter high APRs or big narratives, my first reaction isn't to rush in, but to ask: who is paying this yield, and where is the exit?

First, I’ll revoke the authorizations of a few old protocols to avoid getting myself trapped again someday.