These days I've been looking at PFPs and various "membership cards," to put it simply, many times it's just about buying a chance to be seen. Once the hype passes, the avatar is still there, but the people are gone. It was only when I was caught in a trap of orders and started doubting everything that I realized: attention is very expensive, but also very short; long-term value depends on whether you're willing to keep this community in mind, otherwise it's just a rebranded group chat.

By the way, I saw everyone comparing RWA, and what US bond yields, to on-chain yield products. My first reaction was: don’t just focus on the numbers, the underlying risks and exit paths are way different. Those seemingly "stable" on-chain things sometimes reveal their true nature with a single obstacle.

My colleague asked me a couple of days ago, "Buying a membership is equivalent to a brand moat," and I almost burst out laughing… Anyway, now before I buy any PFP/membership, I always think: am I willing to still be here three months later to speak, vote, get caught in a trap and come back to review? If the answer wavers, then I’ll just pass.