Recently I took another look at the membership benefits offered by a few blue-chip PFP projects, and honestly, it feels a bit subtle. You could say they have no value—some projects do provide a bit of something concrete, like priority minting, raffles, and even dividends; but if you say it’s worth that floor price, I still feel it’s pretty hollow.

It’s basically a brand premium—just like luxury goods: some people are willing to pay for that sense of status. The problem is that in the crypto world, attention moves too fast. Today this community calls you “family,” and tomorrow maybe nobody will say a word. Someone like me who watches the order book closely is really more concerned with whether the buyer’s bids can hold up. If there’s only a membership card but the on-chain depth isn’t there, then it’s still just empty.

Recently I’ve also been seeing some restaking-style plays, and it’s the same logic—one concept wrapped in another layer after another, forcing something simple into “stacked yield” by packaging it as if it were additive returns. I’ve always felt that this kind of nesting doll setup is likely to go wrong in the end. In any case, when I see reward structures that are too complicated, I instinctively want to cancel the order and place it again.

Speaking of it, what I regret isn’t the outcome—it’s the moment I let my emotions carry me, without realizing who exactly was footing the bill for that underlying “value.”