Recently, when I look at PFPs and all kinds of membership cards, it feels a little split-brained: on one side, I feel like “having a profile picture equals a sense of belonging,” and on the other side, it feels like, plain and simple, you’re buying attention—once the heat fades, everyone disperses. Branding is even more mysterious: when the community vibe is good, you don’t even want to sell; when your emotions collapse, you start wondering whether you’ve been fooled by the story.

These past couple of days, that mainstream public chain is going to upgrade, and in the group people are also speculating whether ecosystem projects will migrate. My first reaction isn’t “an opportunity,” but “don’t be impulsive and open perps.” Right now I basically only watch one APR (funding rate—so I can see who’s really hard-pressing in longs or shorts), and then I pair it with position changes as a kind of sentiment thermometer… Anyway, whether it’s membership status or PFPs, there may be long-term value, but I’m more afraid of myself getting swept up in things in the short term. Keep a light position to stay alive first—just for now.