Over the past couple of days, I’ve been thinking about interest rates again. To put it plainly, they’re not the “button” that decides whether things go up or down, but they gradually tighten or loosen risk appetite: when rates are high, everyone cares more about certainty. As for me, I’ll nudge my positions a bit toward protocols with “real revenue, costs covered, and users still using them,” and my positions are lighter too—I sleep soundly. Once liquidity clearly starts to recover, it’s not too late to give those narrative-driven tickets a little room.

Recently, that whole “re-staking and shared security” setup has been getting slammed as a “copycat,” and I can understand why. Stacking yield on top of yield sounds great, but when the macro environment tightens, the fragile expectations of this kind are often the first to be knocked back into their original form. Anyway, I don’t really chase this kind of hype. I don’t need anyone to understand me—I just want a sense of boundaries: don’t make me use long-term positions to gamble on short-term sentiment, that’s all.