Recently, my friends have once again been pulling me to look at a few PFP/member projects. Put simply, it’s the whole package of profile pictures + entry tickets + brand storytelling. In the short term, the attention really is fierce—everyone’s competing to have that “I’m also in” kind of presence. But if you’re talking about the long run, you still have to go back to those same old questions at the bridge: Is it smooth to get in and out? Are the costs worth it? If something goes wrong, who takes the blame? Without those, even a great-looking profile picture is just a sticker.

Over the past couple of days in the group, stablecoin regulation, reserve audits, and all kinds of “de-pegging” rumors have been flooding the feed. Watching it, my emotions swing from panic to excitement—pretty much like the mindset of rushing for whitelist back then. Anyway, I’m not chasing explanations anymore. I accept randomness. What I can do is only to spread my positions and channels a bit, and not treat membership as insurance. That’s it for now.