I just glanced at the funding rate, and now there are more people betting on the direction. To be honest, when extreme values show up, my first reaction isn’t to rush in and chase the trend—it’s to figure out how to act as that counterparty, or just stay out of the way. When volatility is high, retail sentiment gets amplified more easily, and then people tend to ignore the liquidity structure itself.

The recent rounds of Layer 2 back-and-forth has been pretty entertaining too. TPS, fees, subsidies—basically it comes down to who can keep short-term capital around more cheaply. Short-term capital is like bubbles in a fish tank: it looks lively, but the thing it fears most is everyone clustering and running when rates suddenly change. My own habit is that when funding rates get extreme, I’d rather hoard an extra layer of redundancy—call it a backup. If the fish tank breaks, you can’t keep the bubbles anyway, so it’s better to stabilize the pool itself first.

Not to say anything else, in this market, patience matters more than anything. That’s all for now—go keep an eye on the AMM curve and see where the fee distribution can still be squeezed for a bit more room.