Recently, there's been more debate about whether secondary markets should pay royalties or not. To be honest, everyone just wants "free trading," but creators are not just air either. The issue of royalties, the more I look at it, feels more like doing LP: you think you're just collecting fees for free, but when the market fluctuates, impermanent loss comes to teach you a lesson. Completely not paying royalties may be enjoyable for short-term trading, but long-term content supply could gradually decline; forcing a lock-in can also scare away liquidity, and in the end, both sides end up feeling awkward.

And over on Layer 2, they’re constantly comparing TPS, fees, and subsidies. There’s really so much information that it’s a bit overwhelming… My current filtering method is pretty crude: I don’t look at who has the loudest voice, I just look at "where the money comes from and how long it can last," and I also check whether there are real users on the chain or if it’s just hype built on subsidies. Otherwise, it’s all just noise created by subsidies. Anyway, I still prefer that slow and steady approach: a mechanism that allows both creators and traders to survive is the only way to sustainably collect "fees." That’s all for now.