Recently, the on-chain liquidity has really dried up these past couple of days, deep pools are starting to shallow, and a small slippage can knock people back to reality... At this point, I’m actually less interested in “bottom fishing,” to be honest, just focus on surviving first. When liquidity dries up, the easiest thing to happen isn’t that you can’t buy at a low price, but that you think a simple swap will do, only to find the route winding around, with fees + taxes stacking up, resulting in a ridiculous transaction price and inexplicable losses.

And those new L1/L2 projects launching incentives to boost TVL, sure, it’s lively, but veteran users complain about “mining, then selling,” which isn’t without reason. Probabilistically, short-term capital inflows seem more like opportunistic grabs rather than long-term LP commitments. My approach is pretty cautious: keep smaller positions, take it slow, first figure out the exit strategy clearly, avoid chasing if possible, and at least don’t push in when liquidity is at its worst. Anyway, survive first, then there’s a next opportunity.