Staring at the fluctuations in the funding rate late at night, scrolling through the debate about whether NFT secondary royalties should be mandatory, my mind actually cleared up a bit. To put it simply, royalties are the creator’s "long-term salary," but the market sees them as an extra friction fee, and everyone wants better deals and easier profit-taking... Neither side is really wrong.

What I’m more worried about now is: relying on "moral constraints" is too fragile; when the market gets volatile, no one cares about principles. In the end, it probably comes down to either writing it into the protocol or just not expecting it to automatically extend; creators need other cash flows, or else, in a bear market, it’s as uncomfortable as having no stop-loss on my contract.

By the way, the privacy coin/mixer debate is also exploding; the boundaries of compliance are so blurry that platforms and markets immediately change faces. The royalty dispute is quite similar: if the rules aren’t strict, everyone interprets them based on their own interests, and in the end, all that’s left is division. Anyway, I’ll just watch for now—don’t get too caught up.