Lately the group has been chatting again about stablecoin supply and ETF inflows and outflows, and it feels like a lot of people treat “moving together” as “who caused whom.” To put it plainly, money coming in over the counter doesn’t necessarily become stablecoins first—it could go straight into market making, into custody, or it might be nothing more than a change in how the account is classified; and on the other side, when there are more stablecoins, it could also be a search for an exit—so in the end, it becomes a question of where the sell pressure goes. If you don’t get it straight, it’s easy to imagine too much.

I also took a look at that NFT royalty flame war. Everyone was arguing about “protecting creators” versus “easing up on liquidity,” but it’s the same problem: the correlation is strong, yet the causal chain isn’t that direct. Changing one button and expecting to solve all contradictions is likely to blow up—eight times out of ten.

The one extra step I’m willing to take for safety right now is pretty old-school: with the new protocol, use a small account first and test it in a limited way; take a couple of glances at the permissions in the signature pop-up. It’s a hassle, but it saves you from having to cry in the group later. That’s it for now.