Have you guys also been getting spammed by all kinds of “XX% APR” lately? It’s giving me a headache… LST/restaking—if you boil it down, it’s really just two things: one is actual cash flow (the base rewards from staking, plus a little MEV crumb), and the other is basically the number built up from subsidy/points expectations. Once the subsidies are gone, the APR is like someone yanking the chair you’re sitting on— the closer you are to the front, the harder you fall.

Don’t just focus on the risk of “being penalized or having funds taken.” With restaking, you’re adding another layer of protocol, another set of contract permissions, and another operator—so you also add a whole bunch of more things that could go wrong: contract bugs, strategy changes, liquidity getting stuck, liquidation/de-pegging… And many people are joining through “bundled packages,” so you don’t even know exactly what you’re exposed to.

Recently, hardware wallets have also been out of stock, and phishing links are flying everywhere. At times like this, don’t click around and grant permissions or sign messages at random just to chase a few extra points. In any case, when I look at the returns now, I first ask: where does the money come from, and in the worst-case scenario, can I actually get it back? Don’t let big numbers run your decision-making for you.