I recently looked through the NFT floor prices of a few old projects, and honestly, it’s pretty heartbreaking. Liquidity fragmentation has long stopped being news: royalties have kept getting cut again and again, and even top blue chips have started doing dynamic adjustments, but the community narrative has only gotten colder. Put simply, everyone is now focused on actual returns rather than sentiment—back when you could hype “culture” to move the market, now even minting is too lazy to bother with.

Yesterday I tested a new on-chain data tool and found that its tagging system classifies the addresses of several cross-chain liquidity pool contracts as “dormant wallets,” but those contracts are clearly still earning fees… the lag is just absurd. Anyway, I’ve been relying more and more on my own scripts to track on-chain real-time interactions, because even if data tools run faster, they’re not as precise as computing it yourself. That’s it for now—save the gas fees to buy a cup of milk tea.