To be honest, lately watching the mempool feels like looking at a radar chart—most of the time there’s just a light drizzle, and then suddenly it’s unbelievably empty: thin order books, big slippage, and gas fees that act up from time to time. When liquidity dries up, a lot of “buying the dip” is actually just treating yourself as exit liquidity… I’m not sure where the “bottom” is, but I’m sure that staying alive first matters more: don’t stubbornly hold your position, don’t keep chasing in a thin market—better to make a little less than to get torn through by a single needle.

Then the new L1/L2s start rolling out incentives to pull up TVL again. I completely understand the complaints from old users about “mining, depositing, and selling.” That on-chain pattern of one wave of momentum followed by another wave of withdrawal is just too obvious. Either way, when I see liquidity suddenly get better, I’ll be suspicious for a couple of seconds first: who’s coming in? who’s planning to dump? Observe first—if possible, don’t act as fuel.