MoonlightMarketMaking

I muted the group chat. It got noticeably quieter in an instant, but honestly, it feels a bit empty inside. In the past, the hype of people shouting to rush in and smash things was definitely addictive. Now, slowly, I realize that especially those vote discussions—particularly delegated voting—are ultimately something the big holders are playing.
Governance tokens—governance for whom? I’ve seen that in a lot of projects, early chips get concentrated, and once a delegation protocol is set up, voting power automatically follows the whales. The little votes retail traders have don’t make even a s

Sigh, I just put the group on mute. Before, the moment I opened it there were all kinds of tag screenshots—things like “this address has lots of interactions,” and “that address has aggregated xx coins.” It really felt like everyone was extremely anxious. And honestly, between the recent airdrop season and task platforms cracking down on sybils with a points-based system, the airdrop-hunters feel like they’re working overtime—people are grinding like it’s a job. I even feel exhausted just watching. After muting it, it’s actually more comfortable—I can quietly look at the data on my own.
As for

I once tried deliberately setting a low gas fee to see exactly how long a transaction could get stuck in the mempool. In the end, it just sat there in the queue—while the people in front kept raising their bids to cut in. On my side, it felt like waiting for a milk tea you’d never be able to order. Finally, it timed out and got kicked out. The money wasn’t lost, but all the time was wasted.
To be honest, every time I see the network get congested now, it makes me uneasy—especially lately, after hearing that some place is again discussing raising taxes. My expectations for deposits and withdraw

People in the group are talking again about ETF fund flows and US stock risk appetite, saying that the broader market’s rise and fall is basically propped up by that small slice of sentiment. Actually, lately I’ve been paying more attention to GitHub and audit reports—the newbies shouldn’t only focus on whether the founders’ faces are familiar. What I usually do is first flip through the project’s audit report to see whether anything is labeled “unresolved” or “high risk”; then I open GitHub to check the recent commit frequency—if there’s been no activity for a few months, I put a big question

I just took a look at an NFT project that was pretty popular before—the floor price has already fallen to the point where almost nobody wants to list anymore, but the community is still there arguing about royalties and the future of the narrative. Honestly, it’s pretty interesting: with liquidity, the switch between hot and cold can happen faster than the market itself. Anyone with market-making experience knows that those orders around the floor price with insufficient depth disappear the moment there’s even a little gust of change. Lately, discussions about ETF fund flows and how risk appet

After running grid DCA for a long time, you really can develop a weird kind of dependency—not on prices rising, but on that “it’s still running” state. Last night I widened my BNB grid a bit. I woke up suddenly at 3:00 a.m., grabbed my phone, and checked the trade records—so dense, it works even better than sleeping pills.
Going all-in is too stimulating. After you “all-in,” you just stare at the screen, and the moment the chart moves, your heartbeat jumps with it. In plain terms, grid DCA is giving up on timing. It admits you can’t correctly guess the top and bottom, and lets the machine grin

I recently still kept most of my interactions on the Ethereum mainnet. Layer 2 is lively, sure, but every time I need to switch chains or bridge, the little gas fee savings that are supposed to help just aren’t enough—it's bad enough to get on my nerves. To put it simply, ordinary users want something they can click and use, not the time to first research which bridge is safe and which L2 is fast. Anyway, for a lazy person like me, I’d rather pay a bit more gas and not have that sinking feeling in my gut. Lately I’ve been seeing a lot of hype about AI agents, but on-chain interaction security

Damn, I just tried mining with 0.01 ETH on Gate, and the fees were higher than the profit. I feel bad. But what I want to talk about today is position management. If you can’t hold spot and you get liquidated on perps—plain and simple: don’t let your mom suffer. Your mom might not know what impermanent loss is, but if you shove all your living expenses into it, she’ll definitely be hurt. Anyway, I’ve been messing around with testnets lately for some points—people say that on mainnet, the token distribution could blow up, but I don’t have time to calculate. I’ll just stay stable for now. Positi

Just saw the chain gaming scene crash again, and it feels like every time a new hype cycle rotates in, people rush in without thinking… Anyway, I’ve figured this out: in the attention economy, people who chase the hottest thing are often the ones who end up paying the bill for someone else in the end.
After I’ve been making markets for a long time, I actually feel like the definition of “long-term” shouldn’t be dogmatic—for me, it’s not about weeks, not months, and not quarters. It’s whether you can keep executing the same logic repeatedly until it stops working. Like that time with a chain ga

Recently, it suddenly clicked for me why I always love buying options. At the end of the day, it’s just “restless hands”—I want to use a small amount of money to stir up something big. Even though the time value is clearly being eroded little by little, I still keep fooling myself into thinking, “What if it happens?” Meanwhile, the seller—he patiently waits for time to run out, like collecting rent. It’s not really a technical problem; it’s a mindset problem. I always feel like taking a shortcut.
Recently, hardware wallets have been out of stock all of a sudden, and there are also more phishin

Just saw another incident with a cross-chain bridge—this time it’s that combination of multisig and oracle stuff. It looks intimidating, but it’s basically like a paper window. Someone asked: if we re-stake to do shared security, isn’t that just stacking risks on top of each other? It might not be that simple. Shared security sounds great, but once liquidity gets migrated over, if something goes wrong with the bridge itself, the whole doll-within-a-doll yield scheme gets wiped out. Anyway, I’d rather wait for confirmations, wait a few extra minutes—better to be slower than to treat the princip

People keep saying you can’t really play airdrops anymore, but I think the core issue is how to control your own impulses. Put simply, in the early stages many projects promise rewards that are rounder than the moon, but if you genuinely follow every interaction tutorial and rush in, the few dollars worth of USDT in your wallet just can’t survive multiple rounds of GAS fees and cross-chain loss. My habit is to calculate the unit price: how much each address invests, and whether the expected return is enough to cover time and patience. Once the cost accounting is clear, the odds of making a pro

I muted the group. Honestly, it’s been a lot quieter.
Lately, the group has been circulating rumors about stablecoins depegging—each one more exaggerated than the last, and the more I read, the more panicky I get. But if I calm down and think it through, the thing market makers fear most is this kind of emotional, reactive move—when you see someone in the group saying “get out quickly” and you follow along, the inevitable loss gets amplified instead. As for AMM curves, plain and simple, it’s math—it can’t be changed by panic.
Over the past couple of days, I’ve been checking my own LP positions

Ugh, I’ve been looking into all those royalty disputes in the secondary market again lately. Honestly, it’s exhausting. The creator economy sounds great, but the moment it moves on-chain, once liquidity runs off, royalties turn into empty talk. I usually do market making, constantly watching the LP’s impermanent loss day after day, and I’ve found that those high-royalty projects actually have more fragile liquidity—they migrate like it’s a disaster evacuation. Anyway, with the data right there, high royalties don’t necessarily keep people. Meanwhile, chain games collapse even faster—after the

Over the past couple of days, I’ve seen people discussing secondary-market royalties. To be honest, it really makes me reflect. After royalties were reduced, many creators were immediately stunned—they felt like their labor was being diluted. But looking at it another way: if royalties get so high that traders don’t dare to move, and liquidity keeps getting worse, then in the end the ones who suffer are still the creators themselves. In plain terms, if there’s no one stepping in to take the other side, then even the highest royalty rate is just an empty promise.
I’ve also been watching some on

Just saw a Meme pump pretty hard, and the group chat is also shouting, “This round of narrative is unstoppable.” Honestly, I’ve seen too much of this kind of excitement lately—I’m actually more concerned about how to set a stop-loss. Last time, a guy didn’t set a stop-loss; when the narrative cooled off, it dropped 70%, and he’s still up on the hill blowing in the wind.
I personally prefer to set a loss range I can accept first, like 10% or 15%. Once it hits, I pull out—no overthinking. If I see on-chain data showing that holdings are starting to concentrate or big holders are distributing in

Honestly, everyone knows: when liquidity dries up, panic spreads first, and then the price drops. But recently, after that cross-chain bridge theft, the on-chain quotes stopped and it took almost ten minutes to get confirmation. At that time, market makers were just like regular users—we couldn’t do anything and could only wait. In situations like that, it’s actually best to operate less; at least that’s my habit. I first check how much is left in the LP pool—if the slippage is too wide, even if it looks like a bottom, don’t touch it for now. After all, over the past few years of market making

Honestly, lately there are more and more chains, and wallets keep getting opened one after another—every time I have to switch chains, it makes my head spin. As for the whole thing about asset fragmentation? I genuinely can’t be bothered with it—I really have no idea who thought that was a good idea. I’m a compulsive, I-can’t-help-it kind of person: for every chain, I have to keep my own table tracking the LP pools, balances, and pending transactions, otherwise I literally have no way of knowing which chain still has leftover funds that haven’t been cleared. Watching other people treat big tra

Late at night, I looked at the TVL data for a few layer 2s, and then compared TPS and subsidies over there—honestly, it’s a bit dizzying. The truth is, whether it’s spot positions you can’t hold or contract liquidation, at the end of the day there’s only one problem: your position is always mismatched with your own principal.
Not long ago, I learned a “plain-language” version of position management, and I think it’s quite useful: “Before you open a trade, first figure out how much you can afford to lose on that position—not how much you can win.” Basically, just lower your psychological expect

I went through the reserve reports of a few stablecoins today, and honestly, “transparency” in this space is kind of mystical. Look at USDC and DAI—every quarter they show audits clearly, but when a bank run really comes, who cares whether you have treasuries on your books? Anyway, everyone runs first. After that cross-chain bridge got stolen, everyone’s first reaction was, “Quickly swap some into USDT.” People who act fast really can capture some premium, but looking back, that time it was liquidity mismatch—on-chain data had already been warning for a while, but nobody wanted to look closely