Lately I keep hearing the term “modular chain.” And honestly, for someone like me—a terminal user—the most direct changes are basically just two: I’m crossing between things more often, and there are more pitfalls. In the past, once you were done fiddling with one chain, that was it. Now execution/data/settlement are split up, and with more bridges, Rollups, and all kinds of “middle layers,” the APY looks pretty tempting, but in my head a risk checklist automatically pops up: where are my assets located, how long do I have to wait to get out, who’s responsible if a bridge has an issue... Anyway, the more layers there are, the more of a cut you take.

On the macro side, people are also arguing over expectations for rate cuts. As the dollar index bounces around together with risk assets, I really can’t be bothered to guess where it’s all going, so I can only make things even more conservative: after I shrink my target, I end up sticking with it longer. I’d rather grab less profit, but I need to be able to pull out at any time—otherwise, one time getting stuck with withdrawals or a cross-chain delay is enough to knock my mood for half a day.