To put it simply, the royalty drama is just arguing over the same thing: liquidity calls the shots. If the secondary market won’t step in to catch the bags, then no matter how many “creator economy” fantasies you paint, it won’t help. Those “perpetual royalties” protocols people claim are idealistic—until a platform removes the mandatory fee, and then the project team has no choice but to compete with market makers for liquidity. Anyway, I don’t believe in any “sustained income” fairy tale. The moment liquidity gets hit and dumped, your exit ticket is the most real version of the story.

Recently I’ve been seeing a bunch of testnet incentives that were flying, with point expectations being pushed all over the place. But once the mainnet launches, the selling pressure is even stronger than the narrative. They say it’s an upgrade to the creator economy, but a lot of it is really just an unlock accelerator. I also don’t know why everyone keeps treating “future returns” as a faith. When I watch the order book, all I see are bid depth and ask thickness. Maybe one day, when consensus turns into stepping stones for liquidity, some people will finally wake up.

I can complain all I want, but I hope the one getting slapped in the end is me.