LST/rehypothecation, to be honest, the returns are not falling from the sky: part of it is the "salary" from the collateral itself, and the rest mostly comes from people willing to give you money (incentives, fees, or transferring risk to you). The problem is that the risks are also quite honest: once the underlying assets have a problem, LST first trembles; rehypothecation is even more刺激, equivalent to using the same collateral to do multiple jobs, more work means higher wages, but also a higher probability of work-related injuries.

Recently, those new L1/L2 projects are疯狂拉TVL, I see in the comment section brothers骂“挖提卖” quite真实…… If I had rushed in at that time chasing those bonuses, I might now be in the group studying “why is my liquidation price so close to me”. Anyway, I personally think: I watch others爆, but don’t take it as material myself.