I’ve caught myself staring at the order book for so long, and in the end I still can’t get around the macro side of things: when interest rates rise, money becomes even more selective, risk appetite pulls back, and on-chain trading starts looking a bit “drier.” Once the depth is thin, it’s easy to put a foot wrong. Put simply, the reason my positions change a lot of the time isn’t that some narrative is particularly sexy—it’s that I feel like outside capital doesn’t want to take risks anymore. So I reach in less, cancel orders more, and then wait until liquidity comes back to deal with it.

Recently, there’s been back-and-forth among L2s about TPS, fees, and subsidies. I’m watching too, but it feels more like watching a mood thermometer: the more everyone rushes to prove they’re “cheaper and faster,” the more it suggests that finding incremental opportunities isn’t easy. Anyway, I don’t need to be understood—I just want to do things based on data; don’t make me push through uncertainty. That’s all for now.