Over the past couple of days, I’ve been thinking again about how the “tuning fork” of interest rates gets struck to my positions. When interest rates are high, money sitting idle earns returns, so everyone naturally becomes more picky, and risk appetite feels like it’s been turned down like a volume knob. My own approach is more “less excitement, more cash flow”: hedge what I can, and it’s better to move positions slowly than to charge in and fill them all at once.

On the other hand, once the market starts to think that rate cuts are coming, sentiment moves first—the on-chain feeling of “someone will always pick up the other side” comes back—but this is also when it’s easiest to treat risk as if it were reward… I usually set a rebalancing rhythm for myself: if it runs up too much, I trim a bit; if it drops too much, I pick it back up—don’t let emotions and volatility carry you.

Recently, L2s have been competing every day on TPS, fees, and subsidies. Put simply, they’re fighting for attention and liquidity. From a distance, it even looks like market vendors calling out—when you actually need to use it, the whole sequence of wallet-side refreshes/retries/queueing makes the experience more real in the end. For now, I’ll keep it this way, slowly adjusting to a position that’s “not too jarring.”