Recently, I’ve seen a bunch of PFPs shouting "Membership = Brand Moat" again.

As I scroll through the blockchain, I think: honestly, it often looks more like a nightclub wristband.
Wearing it feels lively at first, but once the lights go out, all that’s left is a plastic smell...
Of course, there are a few that truly resemble gym annual memberships, which can keep people coming back to use the services, access resources, and socialize in the community.

My own judgment is pretty crude: I look at whether the money is spent on products/benefits, rather than on "attention fireworks."
Recently, funding rates have been pushed to quite extreme levels.
In the group, people are arguing whether to reverse or keep squeezing the bubble.
I’ve become more cautious.
In such times, it’s easy to mistake "consensus" for "value."
First, observe.
If there are too many abnormal transfers, I’ll withdraw first and go to sleep.