To be honest, the concept of modular blockchains has been hyped for so long, and the most common question people around me ask is still—“So what? Can I add a zero to my wallet?” …Actually, for end users, whether the underlying architecture is monolithic or modular really doesn’t make any noticeable difference in terms of experience. It’s like renovating a house: whether the plumbing and electrical lines run inside the walls or underground—once you move in, isn’t it all the same? Unless one day something breaks, and then you’ll find out whether the repairs are expensive or not.

Anyway, I’ve recently been looking at the market structure and on-chain net inflows, and I just feel that no matter how the liquidity story changes, if there’s no fresh money coming in, it’s all pointless. Rate-cut expectations have been shouted eight hundred times; the U.S. dollar index rises and falls with risk assets, making people even more afraid to make random moves. Sounds authoritative, but the moment you take action you get scared—that’s me.

For now, that’s it—I’m going to watch the charts, even though it’s very likely I’ll continue staying in cash and observing.