Last night, I ended up “educating” myself again. I originally just wanted to use a small position to test the old protocol’s kind of “second revival” vibe, but I placed the order too hastily—I didn’t notice the slippage clearly, and the pool depth was just so-so. I even chased the fill in two separate orders, and the whole pacing directly got me into trouble… The transaction price kept being pushed up layer by layer. Then when I looked back at the chart, I realized I was clearly the one providing liquidity for others. Later, thinking about it, it felt pretty ridiculous.

When I review it, there’s really nothing too profound: for markets with this kind of depth, don’t hard-charge with market orders—better to place limit orders and wait slowly. If you really want to enter, split your order into even smaller pieces so you leave yourself room to cancel. Lately, everyone has been interpreting ETF fund flows, US stock risk appetite, and the rise and fall of the crypto market together; I’ll look at it too. But honestly, there’s just too much noise. I’ll still first keep every trade’s slippage, depth, and pacing under control… Anyway, I’m just probing with a low position—if I’m wrong, it won’t hurt too much. That’s it for now.