Last night at 2 a.m., I was browsing on-chain data and casually clicked on a few "smart money" tags for a while... The more I looked, the more suspicious I became. Many address profiles seem like real resumes, but once you cluster them, the truth is revealed: the same router is used frequently, the same gas habits, and even the frequency of being "handled" by the same "clippers" are quite similar, yet they are labeled as different factions. To put it simply, tags are just indicators, not IDs.

Recently, I've been discussing modularization and the DA layer. Developers are quite excited, but users look confused. I think it's similar to address profiling: no matter how beautifully the narrative is told, when it comes to actual fund flows, you still have to see "how the money moves," who intervened along the way, and how much slippage was eaten. Anyway, when I look at tags now, I first ask: can I reproduce this conclusion? If I can't reproduce it, I treat it as a story—just leave it at that.