Just looked over the on-chain data, and it looks like PFPs and membership projects are being brought back up and traded again recently. Honestly, I’m really puzzled—are these things long-term value or short-term attention? To put it plainly: a lot of projects now slap out a PFP or a membership card and then say they want to build an ecosystem and empower people, but if you look at the position distribution and turnover rate, it’s clearly short-term capital is playing out a battle.

I just saw a discussion about miner/validator income, and retail investors were complaining again about MEV and ordering fairness. Actually, when you think about it, the valuation logic for PFP memberships is kind of similar to this—are you buying future long-term cash flows, or a “attention premium” from the narrative of the moment? Either way, I trust the data more than stories.

Long-term value or short-term attention?
Anyway, I’m watching OI and funding rates—the timeline will tell the answer.