These days, I've been caught up in the excitement of meme hype again, with the timeline full of "narratives coming." I usually don't get excited along with it; instead, I think about how to cut losses first: basically, assume I might be wrong in my judgment, accept how much loss I can tolerate, and only allocate a small position. Don't expect to turn losses into faith by just "waiting it out." If I really want to play, I might as well treat it like buying a lottery ticket—gradually throwing some into protocols that can survive a bear market, at least having a fallback in mind.

Recently, the stacking of yields from pledge and shared security has also been criticized as a copycat scheme. Listening to that makes me even more cautious: the more a narrative resembles "risk-free with an extra layer," the more I need to clearly define the exit strategy. When liquidity deteriorates, I will decisively stop. The excitement is there, but staying alive is more important.