Lately, I’ve seen quite a few people discussing royalties in the secondary market. Honestly, I find it kind of interesting. Many creators think that if royalties disappear, the sky will fall, but if you look at it calmly, the royalty mechanism itself is actually pretty fragile—it depends entirely on on-chain execution. If the project team says “change it,” they can; and if users want to get around it, they can too.

I’ve been doing re-staking for a long time, and I’ve gotten into the habit of first mapping any revenue stream into a risk checklist. A model that relies on “moral consensus” to maintain royalties, put bluntly, has low resilience. Recently, everyone has been talking about how ETF fund flows and risk appetite in the US stock market affect crypto up and down, making it feel like we’re just trading stocks—but in essence, what truly keeps a project standing is still whether its safety foundation and economic model design are solid enough.

Anyway, I’d rather focus my attention on projects that put security into the code, not on hoping that some adjustable parameter will protect creators. Live to survive first, then talk about the rest.