Recently, someone asked me again where the "extra" yield from LST/re-staking actually comes from. To put it simply, it's not printed out of thin air; the main source is others' risk premium: packaging liquidity, exit rights, and even the complexity of verification/AVS for you, so you get some interest but also take on tail risk. On this side of the bridge, I keep an eye on it—when large amounts move in and out or delays extend, it’s very much like everyone starts looking for an exit or rushing for seats. It’s not obvious during normal times, but when there's a squeeze, everything is exposed.

By the way, during extreme fund rate situations, whether the community argues about a reversal or continues to inflate the bubble, my feeling is: the more they argue, the more it looks like emotions are pricing it. Don’t treat "interest" as a shield. The biggest risk of re-staking isn’t low yields, but a chain of events: on-chain failures + bridge congestion + redemption queues, and in the end, everyone thinks they can be the first to run.

What I don’t regret is... every time I see words like "very stable returns," I tend to shrink my position first, preferring to earn less and sleep more peacefully. Anyway, I’m not sure when the next stress test will come.