Honestly, the impact of macroeconomics on crypto isn't that mysterious: when interest rates are high, putting money there earns "risk-free" interest, so everyone's risk appetite naturally decreases, and positions become more selective, especially those with poor liquidity and high slippage, don't just blindly rush in. When interest rates fall or market expectations of rate cuts increase, that's when people dare to extend durations and add back to their positions, but it's not just mindless all-in; more often, they start testing the waters with "the broader market + high liquidity."

Recently, a bunch of testnet incentives and points farming have skyrocketed, and there are endless rumors about whether the mainnet will issue tokens... I’m not sure either, but the transmission path I see is very realistic: macro loosening → everyone more willing to gamble on these "options"; macro tightening → even with more points, they’re treated as air, and on-chain congestion remains very honest. Anyway, my approach is simple: follow risk appetite to adjust positions, don’t get caught up in interactions, and first calculate gas and slippage clearly, or a failed swap can really make people laugh when reviewing.