I’ve been lurking in the group for a long time, but I still can’t help but say this: for many NFTs, “liquidity” right now is actually just one or two layers of floor-price orders propping things up. If someone really dumps, no matter how hot the narrative is, it can instantly turn cold. The whole “NFT royalties” situation is also pretty awkward—if they’re set high, people would rather go off-platform or take detours; if they’re set low, they can’t even afford to fund the follow-up content. In the end, it turns into “maintaining hype by shouting slogans.” Over the past couple of days, I’ve been seeing extreme funding rates in spot and derivatives markets. In the group, people are arguing whether to reverse or continue to squeeze more air into the bubble, but my feelings are the same: once emotions get heated up, liquidity is like paper. Anyway, when I look at projects now, I don’t ask first “how much it can rise.” I ask instead whether I can get out when the worst-case dump happens, and whether the community will keep doing work. Yield folding is one thing—once the boundaries are gone, everything is basically useless.