Recently, everyone has been talking about LSTs and re-staking again, and it feels like collecting cards: the returns are obviously attractive, but honestly, they can’t just appear out of thin air. Most likely, you’re trading the “stability of staking” for a bit of extra risk premium—like adding another protocol layer, another middleman, another unlock period… the longer the chain, the more it resembles stacking one layer on top of another like a stackable game. What I fear most isn’t that it’s slow—I can wait if it’s slow—but that it gets messy. If it all goes wrong, I really don’t know which end to save first.

And with funding rates this extreme, the group starts arguing about whether there’s going to be a reversal or if they should keep squeezing the bubble. I’m even more timid as a laid-back player: the more lively it gets, the easier it is to mistake risk for reward. Anyway, I’ll just test with a small amount—just don’t let me lose all my avatar money.