These days, I've been looking at the interest rate trend again. To put it simply, it's the switch for risk appetite: when interest rates go up, people prefer to just sit back and earn interest. I will then shift my positions toward the "sleep well" side, and LPs will only dare to lock into deeper pools, avoiding those liquidity migrations that suddenly heat up. When interest rates loosen, everyone's appetite stirs again. Increased trading volume is a good thing, but I tend to be more cautious, waiting to see if the volume can stabilize before adding more.

By the way, the NFT royalty war also looks quite similar: the more competitive trading becomes, the more everyone wants to reduce friction, while creators want sustainable income. I admit I envy those who can ride a wave of sudden popularity for a long time, but I shouldn't dream about market making... Anyway, I’ll stick to discipline first; if the data doesn’t support it, I won’t move.