Recently, I’ve been seeing yet another wave of PFP “stacking” memberships and stacked brand stories.

To put it plainly, many times you’re just buying a “thermos for attention”—once the hype cools off, it’s gone.
For long-term value, I care more about whether it can keep people in the same small circle so they can keep doing the work continuously: stable consensus, clear boundaries, and not relying on the next wave of new narratives to stay alive.
That kind of new L1/L2 that offers incentives to pull TVL is also pretty similar. And old users complain about “mining and selling”—which is really saying: the ones coming aren’t users, they’re just temporary workers.
Anyway, when I pick projects, I first look at how fast the on-chain funds flow in and out and whether retention is good. If it’s too rushed, I won’t follow it… If I could keep only one habit: don’t chase pumps.