Over the past two days, I’ve kept seeing arguments in the secondary market about cutting royalties, and—put simply—it comes down to this: who exactly should the transaction fee go to. Creators want a steady cash flow, trading venues want less friction, and buyers mostly just care whether they can turn it around and resell. On-chain rules can hardcode part of it, but as long as liquidity can move, enforcement can be circumvented… Right now, I’m more inclined to treat royalties as a “voluntary tip,” and then make up for it through fee distribution and whitelist benefits—at least not by moral coercion.

Also, when you look at the modular and DAO-layer narrative, developers write fiery proposals, while users look completely baffled: I just want to click to buy or sell without getting stuck. Either way, when I do cross-pool price arbitrage, it’s the same—brief windows, if the profit can be realized then that’s enough; don’t bet on long logic for short-term moves.