I set a rule for myself: when I see LSTs or those "additional yield" claims from re-staking, don't rush to calculate the annualized return first. Instead, ask where the money is actually coming from. To put it simply, most of it is someone paying you a risk fee: either protocol subsidies, demand transmission from lending/leverage, or repeatedly using the same collateral as security. The returns look smooth, but the risks also stack up smoothly, and when things go wrong, everyone gets hit and crashes together.

Having watched large transactions on bridges for a long time, I’ve become a bit allergic to words like "redeemable" and "instant withdrawal": cross-chain delays + redemption queues + liquidation windows, once a run happens, it’s like a psychological test doubled... Recently, someone also linked ETF capital flows, US stock risk appetite, and crypto market rises and falls, I just listen and ignore. Macro sentiment swings back and forth, and in the end, the ones who take the blame are often the most fragile parts on-chain. Anyway, I’d rather earn a little less than wait on a bridge for a "maybe it will arrive" package.