I just noticed a bunch of people chasing memes again—once a celebrity says it, they rush in, and attention flips so fast… The old-timer line “Don’t take the last baton” sounds a bit dated, but it’s really useful.

As for things like LST/re-staking, to put it plainly, the returns aren’t just dropping from the sky. Most of it comes from this: you take the staked assets that were originally “quietly lying there” and use them as collateral/liquidity for others, so the system is willing to pay you a fee. So the risk is equally straightforward: the underlying chain’s penalties and forfeitures are one layer, and then the rules/contracts/operations of re-staking add another layer; plus when LST loses its peg, even if you want to run, you might not be able to run at all.

In the past, whenever I saw “an extra share of yield,” I’d get antsy to jump in. Now I’ll ask first: who’s paying for this added benefit? If the answer is a little convoluted, or you have to rely on emotional relay-racing to make it work, then I’ll just sit down and stay put. Corrections are welcome.