Lately I’ve been thinking again that the macro play is actually pretty “brutal”: when interest rates rise, everyone’s risk appetite shrinks. On-chain, the first thing you feel isn’t the price—it’s that the liquidity gaps get bigger. When the depth on both sides of the bridge is thin, the chances of slippage, orders getting stuck/not filling, and getting squeezed all go up. In plain terms, when I adjust my positions, I don’t chase anything fancy—I first check whether I can safely pull out during the worst moments. If I can withdraw, then we can talk about holding.

And that loud fight about NFT royalties recently follows the same logic, too. Creators want steadier cash flow, while traders want smoother secondary liquidity. When macro conditions are tight, everyone becomes more sensitive to “additional friction,” and the arguing gets even louder… In any case, I’d rather keep my positions smaller for now, hold onto a bit of “dry powder”—moving more slowly is actually faster.