Recently, hot topics are changing rapidly again, in simple terms, attention is moving around. Today, I follow this narrative, tomorrow it switches to another. The easiest thing is to be repeatedly cut by transaction fees and emotional reactions. My simple approach is to first ask: where does the return actually come from? Is it from real usage fees, interest rate spreads, or inflation subsidies? As for staking, that kind of nested structure makes me more and more cautious, like copying vinyl records over and over, listening to the excitement but the background noise getting louder. The macro side is also quite confusing; sometimes expectations of rate cuts push risk assets to rally, and other times the dollar index rises and falls together, feeling like a tide, with the boat rocking. Anyway, I’d rather go slow now, wait a couple of days before jumping on hot topics, instead of getting excited and using principal as a ticket. That’s all for now.