These past couple of days, that same feeling—“when the liquidity drains, you find out who isn’t wearing pants”—is back. As soon as liquidity dries up, the “depth” posted on DEXs looks like nothing but decoration; you tap the trade button and it starts putting on a slippage performance for me. Put simply, in moments like this, don’t rush to buy the dip—first, keep yourself alive: reduce your position, exit in batches, and even if it means eating a little less, don’t gulp it down in one bite at the worst price.

Outside, Layer2 is still bickering about TPS, fees, and which subsidies are more worthwhile… and I can’t help but laugh. But when the market finally gets drained, no matter how fancy the routing is, it can’t save that single moment when there’s no one left to take over the book—no takers. Anyway, my principle right now is simple: if you can avoid moving, don’t move; if you have to, treat it like paying tuition—don’t play the hero.