These days I've been looking at LST and re-staking again, and the more I look, the more I feel that the returns are not just falling from the sky... Basically, it's mainly about verifying/staking that basic yield, plus layering on a "rent out the security" fee. Where the money comes from determines where the risk comes from: if you collateralize more assets with the same pledge, once the underlying issues, parameters are messed up, or there's a loophole in the contract, the drawdown will be more complex, not just a simple drop in token price.

My mom asked me last night, "Is your re-staking earning higher interest than a bank deposit?" I could only reply half-heartedly: It's not a deposit, it's lending the car keys to someone else to drive, and you still have to see if they will crash...

Recently, AI agents and automated trading are also quite popular. It feels like half the people are shouting "fully automated on-chain money printing," while the other half are scrutinizing "what exactly did you give access to in your wallet." I'm currently testing small positions, trying not to authorize if I can, even if the returns are a bit lower. My goal has always been simple: avoid liquidation, and just add some vitamin C during drawdowns.