Do you think the market has been a bit "hard to understand" these days? Actually, I feel like it's still the interest rate that’s pulling on the emotions. When interest rates are high, people prefer to hold cash and wait for certainty; even if the on-chain activity is lively, it’s easy for it to turn into short-term funds testing the waters back and forth. My own positions tend to be lighter, saving some bullets. Conversely, when risk appetite increases, you’ll see the chips slowly shift from "earning interest while lying down" to high-volatility assets—that’s when the ripples become more obvious.

Recently, new L1/L2 projects have started offering incentives to boost TVL, and I understand the complaints from old users about "mining, selling, and dumping"... To put it simply, this is a typical play when risk appetite isn’t strong enough: exploit when you can, then walk away. Anyway, I’m now more focused on capital stratification: those truly using on-chain, versus those just here to collect tokens—there’s a big difference in exit strategies. Let’s leave it at that for now; don’t mistake short-term hype for a trend.