Recently, I saw a bunch of screenshots of LST/re-staking yields again. To put it simply, the money doesn’t fall from the sky: some of it comes from basic staking, and a lot depends on “people willing to pay for security/liquidity/point narrative,” plus when attention is hot, subsidies are poured in aggressively. When the hype cools down, the rewards shrink faster than gas fees drop.

The risks are pretty straightforward: protocols stacking on protocols, contracts layered on top of each other; plus unlocking periods and liquidity crunches, which make the price deviations look ugly. On-chain, I see pending transactions like radar scans—when everyone is rushing in the same direction, strange arbitrage tailings tend to pop up… Anyway, I’m a bit cautious.

When celebrities shout out memes and everyone rushes in, I honestly think that veteran players advising newcomers not to take the last step isn’t pretending to be sober—it’s because they’ve been burned before. Recently, I’ve scaled down my goals, not chasing “legendary annualized returns,” just treating it as savings plus a little extra. That way, I can hold on better, and my mindset stays calm.