I just saw a project talking about a data availability layer. Honestly, whenever I hear terms like that, I used to get a headache—I felt like it was all abstract concepts. Later I forced myself to break it down a few times, and found that the main thread is actually just one: whoever holds the right to order has the data that can be seen. It’s like a group keeping accounts—who decides the order, and whether the ledger can be publicly checked. Once those two things are set, everything else—finality, consensus, and the like—revolves around them.

Anyway, in my understanding, no matter how flashy the project pitches, if the underlying logic is right, the flywheel can stay stable. Recently I’ve been watching that royalty fee drama in the NFT space, where secondary-market liquidity fell off so badly—plainly speaking, it’s also a problem of ordering and access rights: whose data the creators’ information is subject to.

What I fear most is not losing money—it’s losing control. I say I’m pessimistic, but if I think it through, I still dare to add to my position.