Recently I’ve started thinking about some things again. I’ve seen a lot of people directly equate stablecoin supply growth with incremental ETF inflows, and honestly it’s a bit headache-inducing. Correlation can be there, sometimes it looks like it, but the underlying logic might not be what you think. For example, when on-chain liquidity suddenly increases, it may just be because a certain protocol is running an event or people are doing airdrop-arbitrage—not necessarily because fresh off-chain money is coming in.

Lately, gas has been unusually low. I’ve been seeing a lot of miners complaining that block rewards rely almost entirely on MEV, and discussions about sorting fairness are heating up again. Well, everyone is annoyed by “bots front-running,” but if every transaction truly has to go through ordering fairness, on-chain efficiency might not be something everyone can tolerate. In the end, everyone has their own frustrations.

Over the past couple of days, I’ve also been adjusting my on-chain operating habits. I used to try to monitor more than a dozen pools all at once, but I couldn’t keep up with everything. Then I decided to only look at data changes for one specific time window each day. I set the target smaller, but I could stick with it longer, and I was also able to dig out some details I used to ignore as “normal.” Sometimes thinning it out a bit makes it easier to see the essence.