Lately, looking at the macro feels a bit like checking the weather forecast: when interest rates rise, everyone first puts away their umbrellas, and risk appetite immediately shrinks. This is quite straightforward in the crypto world too—leverage is reduced first, positions are lightened, and funding rates shift from "overconfident" back to "be cautious." I personally see implied volatility in options as a thermometer for market sentiment; when it’s hot, I add less, and when it cools down, I slowly top up.

As for the set of "yield stacking" through pledge/sharing security, which is now being criticized as a copycat: when interest rates are high, people become pickier—they want more than just higher APY; they need a clear explanation of where the risk comes from and what the trigger points are. Anyway, I’d rather earn a little less now than end up handing everything over to Gas and heartbeat at the end. That’s all for now.