When liquidity fee rates reach an extreme, I start to get a bit cautious. To put it simply, at such times it's not about "who is braver," but "who can survive longer." I usually don't rush to take the other side of a trade; I first ask myself: if I get hit with this wave of volatility, can I accept the pullback? If not, I hide, even if it means earning less. If I do participate, it’s more like practice: try with a small position, enter in several steps, and ideally find a low-correlation hedge nearby as a talisman.

Recently, I’ve been complaining again about miner/validator income, MEV, and fairness in ordering... The more I see this kind of environment, the more I feel that short-term trading isn’t something you can fully control; slippage, front-running, and all sorts of chaotic factors are too many. Anyway, my current approach is conservative: extreme fee rates = reduce leverage first, control positions, and wait until market sentiment stabilizes. That’s it for now.