When I’m running testnets, I can’t help but wonder about something: even though I know it’s “practice,” the moment I start taking it seriously—running interactions and racking up points—a feeling slowly creeps in that “this thing might end up being valuable later.” Then my behavior changes—from casually messing around to planning it seriously, even a little tense.

That’s kind of strange. I set a personal stop-loss: if a testnet makes me start worrying that “what if it’s all for nothing,” then I stop, or only do the most basic, confirmation-style interactions. After all, the cost is my time and attention—those are very real costs, not just abstractions.

Recently, when funding rates get extremely extreme, the community has been arguing a lot. Some people say it’s about to reverse, while others think more bubbles need to be squeezed out. Personally, I feel that in moments like this, watching from the sidelines is more comfortable than jumping in. Anyway, I don’t really have much in terms of positions—I’m just observing human nature.