I'm now looking at things like PFP/membership, and my first reaction isn't "culture," but rather what actually backs their value: is it written into the contract, or just depends on the team saying so? Frankly, the fewer things that can be verified on-chain, the less willing I am to see it as long-term value.

Recently, a new wave of incentives for L1/L2 has boosted TVL, and I can understand the old users' complaints of "mining, selling, and flipping"... Short-term attention can be easily bought, but loyalty isn't. A few days ago, I even tested whether a membership discount could be used by trying 0.3 USD first, waiting for the price feed to update for over ten seconds before I dared to click confirm—if the oracle fluctuates, even a big brand is useless. In the long run, this ultimately comes down to predictable rules.