Just saw the news about that royalty dispute—honestly, my first reaction was: don’t rush to take sides.

Royalty in the secondary market, at its core, is creators trying to take a slice from liquidity. The idea is pretty good, but in execution the slippage and depth are affected, and market makers can’t take the hit. I looked at the order books of a few targets—clearly it’s not pleasing to either side.

Then think about the recent uproar around re-staking: things like shared security and yield stacking sound like nested dolls. Someone asked me whether I understand it—I’ll be honest: if you can’t make sense of it, don’t move.

Anyway, I have just one principle: if the order book structure is unreasonable and the data doesn’t add up, it’s better to miss out than to get cut.