I muted the group, and the world suddenly feels much more peaceful... In the past, I was constantly getting hit in the face all day long by various terms like “finality,” “ordering,” and “data availability.” The more I looked, the more anxious I became. But when I quiet down, I can actually catch one main thread: where exactly are you putting the data, who is lining up, and when does this line count as “sealed with a stamp” that you won’t regret later. Put bluntly, whether the data can be verified by others, whether the transaction order can be front-run, and whether it can truly land in the end—these three things are connected. Don’t get scared off by the jargon.

Lately I’ve been arguing again about rate-cut expectations and the U.S. dollar index. Risk assets go up together for a while, then down together for a while, and it’s easy to let your mindset get unsettled. I’m going to be honest with myself: don’t go all-in on position sizing; take things slowly if I can understand them; if I can’t understand them, just pretend I didn’t see them. That’s it for now.