Just finished scanning a full round of on-chain data, and I realized that the recent points-based system has really turned the “reward-harvesting” crowd into office workers. They刷 tasks every day, like clocking in and out. It’s exhausting—like being a dog—and they’re also scared of getting wiped out in one sweep by anti-sybil measures. Well, it’s airdrop season—that’s just how it is: the more things get competitive, the more anxious people feel.

But today I saw a whale account with a pretty big position. My first reaction was almost to copy the trade, but I calmed down and checked its borrowing and lending history, as well as its liquidation lines. I found out it may be doing hedging—not simply opening a fresh position. I’ve suffered from this kind of mistake before. When you see a large position, you get excited—only to find out they’re actually hedging or market-making. I followed and bought in, and only realized after it started dropping. So before copying trades, check what they’re actually doing: are they building a position or hedging? Otherwise, if it blows up, you can only blame yourself for not looking clearly. Anyway, I’ll keep browsing my borrowing panel for now. That’s it.