Just saw a chain preparing to upgrade, and another group of people immediately started guessing whether the project is going to migrate. Honestly, I’m pretty scared of times like this—everyone focuses on that small bit of liquidity, rushes in like a swarm trying to snipe the dip, and then the chain gets as slow as a snail, while contract permissions still haven’t been removed cleanly.

When liquidity dries up, my first reaction is to clear positions first and don’t chase the hype with extra leverage. There was a project before—right before the hard fork, everyone was crazily adding to the pool. The result: after the upgrade, the pullbacks didn’t get cleaned up, and all the money got stuck in there. I’ve personally taken that kind of loss, and later I developed the habit: first check whether the contracts have upgradeable vulnerabilities, whether the permissions can be revoked, and whether the callback functions are safe. If these issues aren’t sorted out, buying the dip is basically betting your life.

Anyway, with this market, nobody knows whether it’s really the bottom or not. Staying alive matters more than anything—don’t rush into a pitfall. Sniping the dip? First protect your own little scraps.