Over the past two weeks, paying attention to the “attention economy” really feels like the weather suddenly changing: yesterday it was all about arguing whether L2 is better than TPS, whether transaction fees are lower, and what subsidies are on offer—today the narrative flips and the noise continues. To put it bluntly, when you keep getting rekt a lot of the time, it’s not that you didn’t understand the tech—it’s that your emotions get carried away, and your positioning shifts with the latest trending topics.

Right now, I’m fixated on one thing: first, look at the interest rate curve and the lending utilization rate. If the heat picks up but the funding side doesn’t catch up (the interest rate doesn’t move, and leverage doesn’t start building), then I treat it like “hot air,” and at most try with a small position. On the other hand, if on-chain lending suddenly tightens and the liquidation risk edges up, I’ll cut my position first—I’d rather make less. After getting dragged around by hotspots the third time, I finally accepted it: don’t chase the loudest wave. If you do chase it, you have to pair it with a stop-loss and a hard time limit. If you still haven’t worked your way out after two days, just撤—pull back. I’ll do it like this for now.