I took a look around at some PFP and membership-based projects recently, and I have a few thoughts.

To put it plainly, when people talk about brand value these days, a lot of the time they’re really talking about, “Will it still be able to go up?” But I think if you only look at short-term attention, that’s no different from chasing trends—you’ll eventually get thrown off the bus by volatility just like slippage.

Personally, I’d rather pick things like those that are folded from paper—clear structure, internally consistent logic, and something that still has a skeleton even when it’s folded.

Here’s a simple example: if a project burns Gas more than it spends on governance discussions, then no matter how flashy it looks, I don’t really trust it for the long term. On the other hand, some brands slowly build up users and form their own little circle of consensus. Even if things are quiet right now, it’s more like carefully folded paper—when you press it down, it doesn’t deform.

Anyway, with ETFs and U.S. stock market sentiment both sitting there, everyone is guessing which direction will move first. I don’t understand the big trend, but I do know that splitting your position clearly and figuring out your purpose is a lot more comfortable than chasing the hype. That’s all for now.