I came across a few PFP projects yesterday that are now rolling out membership benefits again—things like “empowering the brand” and “rewards for long-term holders.” Honestly, my first reaction was—this isn’t just spreading butter on bread? It looks appetizing, but if you have too much, it gets greasy. And the “doll-stacking” staking controversy that comes with the latest iteration has a similar flavor: shared security and layered yield sound quite beautiful, but whether you can really bake good bread depends on the heat. In any case, I personally think there’s definitely long-term value, but don’t let short-term attention throw you off. Like when I bake bread, volatility is the base ingredient—everything else is frosting, and too much of it will make your throat feel sore.