I just finished translating a few governance proposals from different DAOs, and I found that as soon as interest rate expectations change, everyone’s risk appetite turns like grass blown by the wind—knocked every which way. To put it plainly: when US Treasury yields rise, nobody dares to touch those DeFi projects that tell stories anymore. Positions shrink fast, like a fishing net dried in the sun. I don’t really mind—I’m always keeping my position relatively fresh. Watching other people get carried away by their emotions is pretty interesting, too.

Lately, the community has been arguing again about the compliance boundaries for privacy coins and mixers. A lot of people say, “Anonymity is not a crime,” but I think it’s like debating whether an umbrella can stop bullets—useful, but it depends on whether what falls from the sky is rain or bombs. I can’t be bothered to take sides; after all, voting only cares about incentives, and projects with strong execution are the only ones worth following. The rest is just noise.