Last night before bed, I saw a bunch of PFPs shouting "Membership Rights Upgrade" again, basically still buying attention.


I think there are only two long-term values: what can you continue to participate in with it (voting or offline), and whether the brand is willing to fulfill promises even in a bear market.
Many projects in a bull market sell calls, desperately collecting premium;
when the market cools down, they treat it as invalid, and holders are basically exposed to gamma risk…
Anyway, I now care more about "whether they can continue to deliver," rather than how trendy the avatar looks.
By the way, watching Layer 2s argue over TPS/fees/subsidies, it feels similar—short-term data can be competitive, but in the end, it’s about who can keep users and not just rely on throwing money around.
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