Recently, the group has been sharing again about "a certain stablecoin losing its peg" and "reserve audits being opaque," and as soon as emotions run high, people want to leverage up... I now basically treat it as a reminder: first look at the data, don't jump to the storyline.

The returns from LST/re-staking are, frankly, not something that falls from the sky; there are mainly three parts: the basic staking yield, protocol subsidies/points as stage incentives, and the fee sharing gained from selling the same security "multiple times." The problem is also there: when subsidies stop, yields collapse; when security is sold multiple times, the correlation risk is maximized—an incident might not just mean losing a little, but a chain reaction of losses.

My own practice is: every time I want to chase high yields, I first ask myself, "Who pays the yield, who bears the worst case?" If I can't answer, I treat it as nonexistent. Anyway, I don't oppose the excitement, but don’t make me pay the tuition for the hype.