These past couple of days, going back over everything has made me feel a bit scared. Not long ago, when everyone’s emotions were running high and the airdrop season was back, I also almost moved my stablecoins to chase a few “points pools.” I thought I wouldn’t lose that much anyway… Then I looked again and realized the outlook on the interest rate side hadn’t really eased. Once the market’s risk appetite cooled down, on-chain liquidity was pulled away just like that. And the task platforms even started stepping up anti-sybil measures—turning it into something like “clocking in for work” and making everyone grind for no reason. It really wasn’t necessary.

Put simply, when interest rates are high, money becomes more picky. The stable stuff can still be eaten a couple of bites, but flashy positions are easy to get kicked out the moment the market takes one step. For now, I’m treating it like opening a snack pack: the bulk still goes into low-risk pools, and if I want to join in on activities, I only take a tiny pinch. That’s it—no more being tempted.