Recently, I've been looking at PFPs, memberships, and these kinds of things, with many discussions about their long-term value, but I'm more concerned about whether they can really settle into the "fee structure": Are you buying a sense of community belonging, or is there truly ongoing trading/liquidity demand sustaining it? To put it simply, attention comes quickly and leaves just as fast; in the end, what might remain are those scenarios that are repeatedly used.

Additionally, on-chain data tools and tagging systems have recently been criticized for lagging behind and still being manipulated, and I can relate a bit... Sometimes, looking at a bunch of "smart money" tags, it's really better to dig into a few routing transactions and see how liquidity is fragmented—at least that feels more reassuring.

People are a bit tired, but still here. Anyway, I’m currently doing small-scale experiments: if it works, I keep it; if not, I treat it as paying tuition—just like that for now.