These past few days, I've been feeling like "taking a break" — stopping, watching, and pausing my trading. The issue of royalties is becoming more and more like a zero-sum game in the secondary market: everyone wants better liquidity and lower fees, but creators still need to make a living. Frankly, on-chain composability is quite beautiful, but once incentives are misaligned, the first thing to be sacrificed is often content supply.

Some people are linking ETF capital flows, U.S. stock risk appetite, and crypto price movements together, which gives me a headache... Macro narratives are certainly important, but they shouldn't overshadow structural issues within the ecosystem. Anyway, I now prefer to trade less impulsively and observe first: how platforms set rules, whether the contract layer can turn royalties into a "transferable" default option without moral coercion. That's all for now.