Been underwater for a long time, but I still can’t help but say this: once liquidity dries up, first think about how to stay alive—don’t rush to talk about bottom-fishing. To put it plainly, when the pool’s depth is gone and slippage is maxed out, you think you’re picking up a deal, but in reality you’re just wiping the floor for someone else. At a time like this, I care more about two things: whether I can withdraw at any time, and whether the exit cost is high. The rest can be put aside for now.

Recently, I’m not surprised that the “yield stacking” scheme behind redepositing/sharing safety has been getting criticized as “nested dolls.” It looks great on normal days, but once the market starts draining liquidity, the higher the stack, the more it looks like a chain lock. Untying it takes both time and luck. Anyway, I’d rather have a bit less yield now and switch to a cleaner liquidity path—don’t trap yourself.