Everyone’s been chatting pretty excitedly about PFPs and brand value, and I’m actually a bit confused. To be honest, people like me who spend all day watching AMM curves and calculating fee allocations naturally put a big question mark on this “long-term value” and “brand premium.” Recently, in the macro picture, rate-cut expectations and the U.S. dollar index moved together; risk assets shook along with it, and it feels like market sentiment moves faster than the data. Attention in the short term can push prices up, but only after a few days—when I can see whether the pool depth changes and whether fees behave abnormally—I’ll treat it as a real signal. In any case, personally I still lean toward “small but steady” strategies where I can clearly work out the numbers. Whether it’s member benefits or PFP gating, if in the end it’s just storytelling, I’ll probably pass. I’d rather just keep focusing on my bubble price spread.