Hey, lately the Layer 2 crowd has been arguing so loudly over there it’s like a vegetable market—who has higher TPS, lower fees, and more subsidies. It reminded me of when I chased PFPs too: I was swept up by all kinds of “brand narratives.” I thought that spending a little money to buy a membership avatar would let me catch the long-term value express—so what happened? The moment volatility kicks in, the liquidation line matters more than anything.

To put it plainly, the whole “long-term value” thing really has nothing to do with us small retail investors. I only understood later that my own itch to jump in wasn’t because I was short on that money—it was psychological. Even after I’d already been burned, I kept telling myself this time would be different, and that I’d be able to see it clearly and get it right. When the market gets restless, I just want to take a bet, terrified of missing out on the so-called “brand dividend.”

Things are better now. Every time I see a new project, I ask myself first: if this thing drops, can I sleep at night? Anyway, don’t treat leverage like staple food, and don’t put all your attention into short-term hype. Get your margin (collateral) under control first—nothing beats that.