Recently I’ve been looking at LST and re-staking again. To put it plainly, the returns aren’t just something that falls from the sky: some of it comes from the small bit of normal staking, and the rest relies on “other people being willing to pay for security/points/airdrop expectations.” When the heat is on, it looks pretty tempting; when the heat fades, it easily turns into us passing the baton and lifting each other along.

The risks are also pretty straightforward: there are too many layers stacked. Even if just one link goes wrong—an agreement, a node, or an intermediate protocol—everyone could end up being dragged down together. There’s also liquidity: when everyone wants to pull out at the same time, LST may not be able to get you out at the price you have in mind. Lately, memes and celebrities’ one-liners can easily yank people’s attention away. I totally understand what veteran players tell newcomers—not to take the last step… For someone like me with FOMO, I can only force myself to set a hard cap on my position, and not go all-in just because I get excited.

What I’m most afraid of missing out on isn’t really opportunities—it’s that awkward situation where I clearly understand the risks, but I still can’t help myself and charge in anyway.