The market has cooled off these days, liquidity is like a pump, and the order book is so thin I don’t even dare to look twice. To put it simply, during times like this, don’t keep thinking “buy the dip and change your fate,” focus on surviving: don’t hold your position stubbornly, don’t borrow money to leverage, withdraw some liquidity if you can, and keep some cash on hand to wait until there’s real volume before acting.

Modularization and DA layer narrative developers are having a blast, but users are confused—I understand that… but in governance, the budget still has to be spent in real money, who does the work, who takes the blame if something goes wrong—these are more practical than buzzwords in white papers. Someone even complained to me: “Your on-chain budget looks like checking my takeout bill,” I don’t know how to respond, but anyway, don’t see yourself as a savior.