Just staring at a few PFP membership cards for a while, kind of spacing out. Honestly, these projects are increasingly starting to look like an exchange’s points system: short-term new user growth is definitely intense, but what about long-term value? I personally think it’s pretty questionable. I got a few free mints from “brand memberships,” and in the end even the community went cold. What they call “empowerment” is basically sending out an airdrop and then running off.

Just now I checked the funding rate and it’s back at an extreme value. A lot of people are shouting that a reversal is coming, but I don’t know about that. In situations like this, it’s easy for your mindset to collapse—don’t panic and end up taking the risk on whatever so-called “blue-chip memberships” you can grab. You’re probably just cannon fodder.

That’s it for now. I’ll go refresh the lending panel again and see whether the interest rates are behaving abnormally.