I just skimmed through a round, and the L2s are once again competing on TPS, fees, and ecosystem subsidies—going back and forth with the same three tricks. To be honest, these numbers are so inflated they could probably be used to keep fish alive. What you really need to pay attention to is liquidity—the thin, on-chain base can be drained the moment anything changes.

Plain and simple: when liquidity dries up, don’t go trying to “buy the dip” like a hero. Survive first. Keep a bit of stablecoin in your wallet—don’t put your entire net worth into some brand-new “super high-yield” protocol, afraid you’ll miss out on a few hundred million. Look at those L2s that get the loudest hype: once their TVL drops and the subsidies stop, users run away faster than rabbits.

I’ve seen too many people who, in the panic of liquidity exhaustion, get harvested first. And then when the market turns back around, they can only stand by and watch. Survive first, manage your own positions, and don’t let your emotions carry you along. Wait until liquidity truly comes back—only then, if you still have some firepower, will it be an opportunity. Don’t learn from those who throw the “seven-injury” punch: get yourself badly hurt first, then sprint off—only to run slower and end up falling even harder.

Anyway—live first. Live through it, and only then do you have the right to be the one smiling while counting money.