Just now, my phone popped up a red dot: "Re-pledge annualized ××"… It made me want to laugh. Profits, frankly, are not falling from the sky; either you are eating someone else's subsidies, or you are 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 savings account, 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.
Currently, the funding 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 rate, the more it looks like giving a reason for high returns to find a sucker.
Don’t be fooled by notifications setting the rhythm.