My biggest feeling when watching the market recently is: interest rates are not on the chain, but they will slowly squeeze the positions back and forth. When interest rates are high, everyone prefers to hold onto the "visible interest," risk appetite decreases a bit, and the depth in on-chain liquidity pools also thins out, making slippage very real; when expectations loosen and sentiment heats up, leverage and small coins start to come in again, and stablecoin pools become more like "parking lots"—money just sitting there, ready to rush in at any time. Anyway, my current approach is pretty simple: first, watch the stablecoin exchange rate spread and pool structure; when depth worsens, reduce some positions, don’t push yourself too hard. By the way, recently NFT royalties have been a big topic, but it’s really the same issue: who pays for transaction costs and liquidity, creators want income, secondary markets want good sales… when the market is unwilling to pay, liquidity will vote with its feet. That’s all for now.