Lately, I’ve been feeling more and more that this whole matter of positioning isn’t really about who can shout the loudest—it’s about whether the interest-rate rope is loose or tight. When interest rates are high, even just leaving money out can yield a bit of a sweetener, so I’m even more willing to go a little slower: split stablecoins into small packages and toss them into low-risk pools, without rushing to chase the “next narrative.” Once market risk appetite picks up again and everyone starts charging in, I’ll only be at most half a beat behind to add a little more—anyway, I don’t want to trade my sleep for volatility.

As for those Layer 2 arguments that compare TPS, fees, and subsidies… they look pretty lively, but to put it plainly, subsidies are like candy coating—if you eat too quickly, you’ll get indigestion. What I care about now is whether I can slow down and still run steadily: don’t let transaction fees suddenly go haywire, don’t let bridges run into trouble, and don’t let the pools change the rules overnight. Even if the returns aren’t much, that’s fine—snacks are meant to be chewed on slowly.