Recently, I’ve really been thrown off by all kinds of hot-topic rotations, and my mindset is a bit breaking down. A few days ago I was still looking into RWA—stuff like U.S. Treasury yields getting put on-chain. When you compare on-chain yield products with traditional finance side by side, it feels pretty reasonable. But before I could even figure it out, the group chat started hyping the next one again. I’m a slow-learner type—every time I chase in, the hype is already at its peak, and then I get repeatedly harvested. 😅

Now I’ve learned better: the essence of hot-topic rotation is that attention is what’s moving. If you follow your emotions, you’ll never outpace the people who got in first. I’ve started looking instead at those little corners that nobody discusses in the early communities—signals are weaker, but at least they’re not expensive. After stepping on too many landmines, I’ve learned at least one thing: don’t squeeze into the crowd when it’s most packed.

I don’t believe “this time is different” anymore, because every time it’s the same play—just with a new outfit put on for the stage.