Recently, I’ve seen a bunch of PFP projects talking about creating memberships and branding, and they’re quite lively. To be honest, profile pictures themselves don’t have much of a moat; the moat is whether you can continuously deliver on “what holders will get,” and this has to withstand market downturns, decreased liquidity, and liquidation pressures.

Lately, the competition over Layer2 in terms of TPS, fees, and subsidies has been so noisy that I’m a bit overwhelmed… I care more about: when subsidies stop, do membership benefits also shrink accordingly? Many so-called long-term values are actually just short-term attention spans plus the feeling of stacking subsidies.

I’m just someone who loves looking at stablecoins and collateral, and I’m used to asking the most uninteresting questions first: where are the cash flows/reserves, who is responsible, and can the rules be enforced? If I can get clear answers, I’ll be willing to take a second look; if not, no matter how good it looks… that’s it for now. Don’t pretend not to see the risks.