Just got back from a night run—the alarm is still vibrating. I took a quick look at the funding rate, and it’s so outrageous it feels like it’s pushing people to get on board. Plainly put, at times like this I only have two choices: either grit my teeth and go in as the counterparty, betting it will snap back to normal; or just steer clear of the volatility and earn less—at least that’s fine. I used to be stubborn and always trying to prove something, but I got taught a lesson by “another round”… Now I’m more inclined to shrink back into L2 first to observe. And if I really want to be the counterparty, I’ll only take a very small amount—missing out is better than getting caught up.

Recently, that “nested” setup—re-pledging, shared security, and compounded yields—has been making a lot of noise. Watching it, I’m even more afraid to treat risk like points to rack up. Anyway, once the market goes crazy, the fee rates are more outrageous than mainnet Gas. That’s it for now—don’t block the way.