Over the past couple of days, I’ve been seeing the secondary market arguing about royalties again. To put it simply, everyone wants “liquidity,” but no one wants creators to be cut off from their livelihood forever. When I was trading perps, I acted tough with a soft hand—calling the direction so aggressively—but when it actually came to the key levels, I checked and saw the open interest and funding rate were off, so I stopped out faster than anyone… Then I suddenly felt it’s kind of similar to royalties too: when the market is good, people say they support creators; the moment activity slows
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