MET has to be the standout performer today. It dipped below $0.10 at its lowest, then rallied, and its second run-up doubled in value. I started keeping an eye on MET early on, and began accumulating at around $0.40. It rallied after being listed on Binance Spot, then kept falling along with the bear market. As I mentioned, I continued buying through grid trading. I set the lower limit of my grid at $0.10, so I stopped buying when the price fell below that—but it bounced back above $0.10 before long. The reasoning behind my confidence in MET is simple: LP activity on the SOL chain has always been strong, and I’ve been providing liquidity myself. MET has a substantial amount of real assets deposited in its pools.

In this market move, two things have been quite popular. One is that memes have driven Uniswap toward a “value return,” making investors realize that protocols supported by real profits are still worth long-term investment. The second is tokenization of U.S. stocks, which has started to make the market pay attention to the meaning of LP. Without exaggeration, these are two points I discovered long ago. In fact, my articles have been instilling the idea of doing LP or grid trading for a long time, and I’ve also emphasized DeFi infrastructure building. It’s definitely something that can explode at some point in the future. Uni was picked up because Robinhood Chain got hot, and MET should continue to benefit from SOL-chain U.S. stock LP going forward.

I’m saying all this, not because you should chase the rally in MET right now. In fact, I did a LP on MET at the previous lows, and during this upswing I also exited a sizable portion. Going forward, I’ll continue setting up some grid orders. As the MET price keeps rising, I’ll gradually complete my sell-off. Also, I noticed something: the funding rate on MET contracts is severely negative. This is because Meteora’s official side previously ran a three-month MET staking campaign, which is about half a month from ending; roughly 100 million worth of positions are locked in it, and unlocking requires waiting 7 days. So, the current deeply negative funding rate is mainly due to people heavily shorting for hedging. If you have spot holdings, you could consider selling your spot and holding long positions on the contracts.

Let’s talk about the broader market now. Yesterday there was a sudden pullback, but you don’t really need to panic. Bitcoin is still above 80,000, and Ethereum is also above 2,500. Compared with the previous bear market, market confidence has already recovered a lot, so there is relatively strong buying support underneath. In this rally, I personally exited about 20% of my position. Next, I’ll shift my focus to U.S. stock LPs and grid trading. Compared with crypto, U.S. stocks are far more stable—though volatility is not very big. If you just do LP without incentives, it’s not worth it. The good news is that there have been quite a few incentive programs recently, which is the most attractive part for me. Everyone can also keep an eye on it.