Last night, I saw several PFP projects promoting "membership benefits" again.

My first reaction wasn't to rush in, but rather to feel a bit tired...
Honestly, are people buying into long-term brands, or just a fleeting opportunity to be seen?
Attention is very much like the market; it rises quickly, and it drops without warning.

What I care about now is: in this circle, when you don't speak up, do they still recognize you?
A membership system that can truly establish identity and relationships might be considered a brand;
Otherwise, it's just like changing avatars for check-ins—once the excitement is over, everyone disperses.

Recently, RWA, US bond yields, and on-chain yield products have been compared together,
and I also feel tempted, but considering the rules: no adding to positions, no seeking miracles.
Even if on-chain yields are "like" government bonds, they are still on-chain,
and each additional step in the process adds more risk.
I'll wait and see—don't let emotions act as my trader.