Recently, I've seen some PFP projects rebrand and upgrade to "membership cards," essentially asking: Are you buying long-term a sense of identity, or just attention for a while? It hit me hard late at night while watching the on-chain liquidation waterfall... When liquidity tightens, the first thing to be abandoned is often the "narrative," and only what remains can continue to provide some real utility to holders.

The new L1/L2 incentive schemes to boost TVL are pretty much the same story. In the group, old friends are both rushing and complaining about "mining, selling," the atmosphere feels a bit tired but no one is truly angry—everyone understands. My feeling is: brands need to stand firm, they can't just rely on airdrops and screenshot giveaways; they need to survive a few nights when no one cares about them. For now, I'll keep watching the data.