The hot topics are rotating again, and every time this happens I get wildly anxious. When I see other people rushing into new concepts and all that mess about the NFT royalties, I really can’t help wanting to jump in—yet I’m even more afraid of being repeatedly ripped off. I used to be stubborn and only trust “on-chain data,” thinking that anything could be made clear by the chain. Later, I realized I was getting slapped in the face: even if the on-chain data is strong, there’s still a gap between emotion, hype, and the data—like the NFT royalties and secondary liquidity that people are arguing about right now. If you only look at on-chain activity, you basically can’t tell what stage you’re in: whether “it’s time to run” or “it’s time to stay.”

Now I’ve learned a bit: wait half an hour first, review the distribution of nodes, confirm the details of the consensus, and then see whether there’s anyone in the community speaking unusually. I’m still panicking out loud, but my hands have already learned to pause first. After all, process control is process control—no matter how hot it gets, you still have to wait for the next block confirmation before you say anything.