The feeling of liquidity being pulled out of the market these past few days is all too familiar, orders are as thin as paper, and rushing in easily turns into giving others a chance to top up their blood. To be honest, at times like this I don't really want to talk about "bottom fishing"; surviving is more practical: reduce your position, withdraw what you can, and prefer to earn less than get pierced by a single needle.

Recently, the debate over staking / shared security and stacking yields has flared up again. I find it a bit exhausting—layer upon layer, in the end, who's actually footing the bill? Anyway, I’ll first clarify the wallet relationships clearly, and if I can't understand it on-chain, I’ll just pretend I didn't see it. I'm tired but still here, for now, that's all.