Recently, I've come across a lot of discussions about re-pledging/sharing security, everyone is calculating "compound returns," but honestly, many times what is compounded is emotion and imagination... When the returns increase by one layer, the risks also increase by one layer, especially regarding the underlying assets, penalty mechanisms, exit liquidity, etc. If you don't understand these clearly and just follow along, it's easy to treat "safety" as a free lunch.

By the way, I also saw some people linking ETF capital flows, U.S. stock risk appetite, and crypto market rises and falls together for analysis, which sounds lively, but I’m more afraid that this macro narrative covers up the details.
Anyway, when I look at projects now, I first see who is holding, how liquidity is moving, then look at the promised returns—better to be more stable.
Well, that’s it.