Just now my phone popped up a red dot: "Re-pledge annualized ××"… It made me want to laugh. Earnings, frankly, are not falling from the sky; either you're eating someone else's subsidies, or you're riding on someone else's leverage sentiment. When subsidies stop and sentiment cools, all that's left is "queue to redeem."

LST looks like a flexible deposit, but actually the underlying is locked; during a run, it discounts faster than your reaction speed.
Re-pledging is even more ruthless, slicing the same safety into several layers to sell, and when things go wrong, it's a domino effect.
Now the capital fee rate is extreme, and in the group, people ask whether to reverse or continue squeezing the bubble?
All I know is: the more absurd the fee rate, the more it seems like giving a reason for high returns to find a sucker.
Don’t be fooled by notifications setting the rhythm.