Lately, the biggest feeling about watching the market is: interest rates are really a "remote control." When risk-free returns rise, everyone's risk appetite shrinks, and even on-chain activity that was lively can easily turn into quick in-and-out trades, with positions unconsciously getting shorter and shorter. To put it simply, it's not that I don't pay attention to narratives, but I first calculate, "Why am I willing to take this risk?"

I now treat large positions as a cash management approach: leverage less, avoid chasing if possible, prefer to miss some volatility rather than be educated by drawdowns. Small positions are for those new projects, but the prerequisites are still the same three: whether the contract permissions have backdoors, whether LPs are locked, whether the team wallet has strange transfers... Anyway, I don't want to be a contributor to tuition fees.

By the way, the NFT royalty war is also quite similar to a reflection of the interest rate environment: when liquidity is tight, everyone cares more about "transactions" and "costs," creators want to maintain income, traders want less friction, and no one wants to make concessions. That's it for now. I'm going to review the permissions and multi-signature settings of the two contracts I’m paying attention to today.