Just kept staring at a few addresses there for ages again, and I scanned the Scan tags and labeled them one by one for you—“early adopters,” “big holders,” “DAO contributors.” Then I clicked in and saw that the gas they spent was more stingy than anyone else, and all their interaction records were basically just hunting for airdrops to get addresses. 😂

Honestly, it’s already pretty good if we can believe those address profiles even a third. You can see some hints in the fund flows—for example, if an address frequently transfers ETH to the same contract, it’s probably just farming interactions. But those labels often are just social branding; anyone can slap those labels on themselves.

Lately people keep saying new L1/L2 are issuing incentives and boosting TVL, right? I saw in the group that long-time users are complaining about a “mine-then-sell” full pipeline. Put simply, it’s all about chasing incentives—who’s going to talk to you about faith. I’ve done it myself too: I took the rewards and ran. My address was squeaky clean. Later when someone else checked, they said I was a “short-term speculator.” Laugh out loud—it was pretty accurate.

Anyway, now I just treat on-chain data as a reference. I trust half of it; the other half still depends on sentiment and events. For now, that’s it.