Just finished scanning a round of on-chain data. Over at the rates side, they loosened their tone a bit—the thing about risk appetite lately really has been playing seesaw. The day before they were almost itching to go all-in on memes, and the next day they pulled back, staring at fluctuations in the USD interest rates. Anyway, I’ve been adjusting my position pretty fussy lately: cut high-beta exposure by 20%, keep some ammo, and wait for sentiment to warm back up before making a move.

As for the new L1/L2 scene, they’re starting to push incentives to attract TVL again. Folks are simultaneously complaining about “digging and selling” while their hands are moving super fast to split the airdrops—absolutely hilarious; they say “no” with their mouths but their actions are very honest. Oh well, I’m just here to join the fun. After you dig, you can still withdraw and leave some run-for-the-map materials; if it ends up losing, then consider it the cost of making a collage.

That’s it for now—I’m going to look at the charts.