Recently, when interest rates tighten, I can clearly feel my hands pulling back: it's not that I don't believe in those on-chain tricks, it's purely that risk appetite has been drained by macro factors, so my position naturally shifts from "want to make money" to "don't lose money." To put it simply, when money has interest to earn, everyone is less tolerant of high volatility; in places like bridges and DeFi, which explode in a chain reaction whenever something goes wrong, I prefer to avoid them a bit and save some bullets for when others' emotions are exhausted first.

Social mining and fan tokens are quite similar: attention is certainly valuable, but packaging "showing presence" as mining always feels more like shifting liquidity anxiety onto emotions. Without macro easing, attention alone can't fix the temperament of risk assets... Forget it, I won't talk about those "new narratives" for now; I'm more concerned about how people shift blame after security incidents and who ultimately foots the bill.