Hey, today the royalty disputes in the secondary market have been getting pretty heated. It suddenly reminded me of something: when working on the creator economy, people often talk about the “rent analogy,” saying that on-chain royalties are like landlords taking a cut. Yes, it makes sense for a cut to be taken from secondary sales, but how much is taken and how it’s distributed depends on whether the protocol is clear in writing. During that time when funding rates were extremely volatile, the community was also arguing whether it was just squeezing out a bubble or an actual reversal—kind of like a big simulation exam. Old bagholders are thinking it through, while new bagholders are betting. As for me, I turned off those “landlord-style cut” strategies that automatically mint air-reward-like incentives, and I think it’s more fun to let creators directly dance with buyers. Volatility for breakfast is fine—if it’s sticky, just chew a couple more bites.