Recently, as interest rates have risen, the market’s tendency to “just rush in” has noticeably cooled down. To put it simply, risk appetite is like a faucet; when the flow is small, everyone’s positions start to become disciplined: they’d rather earn less than get pierced by a needle and blow up. Macro factors don’t directly determine what you buy, but they decide whether you dare to go all-in.

I’m quite cynical myself. Seeing a bunch of people repeatedly testing the network incentives, calculating points, guessing whether the mainnet will issue tokens, I feel a bit amused and a bit envious… Anyway, the excitement is truly lively. Yesterday on-chain, I saw someone splitting a swap into a dozen small orders, spending a lot on gas, just to reduce slippage—very much like the current sentiment: afraid to go all-in but reluctant to exit.

My approach is more straightforward: when interest rates are high or uncertain, I first turn off leverage, keep some ammunition in my position, and wait until the mood shifts from “grabbing points” to “considering risks,” then slowly add back. Whether it’s voting or proposals, ultimately, profit sharing rules, and positions, are what matter. That’s how I’ll do it for now.