In the past, hearing about “parallelism” and “sharding” would still get me a little excited—I’d think it was another performance revolution; now I basically take off half my headphones and see who’s paying the bill behind all the hype. Recently, when a new L1/L2 incentive drops, TVL rises immediately, and long-time users grumble that “mine-and-sell” is pretty much for real. In plain terms, everyone is looking for an exit. No matter how good the technical narrative sounds, if asset security isn’t covered and things go wrong with a bridge or a contract, there’s no time to run. Anyway, I’m watching two things right now: where the money goes, and whether it can be withdrawn; as for the rest, I just treat it like the market released a new song—listening is enough.