Yesterday, when I was adjusting my positions, I suddenly felt a bit scared: I almost put a sum of money that was meant to be "withdrawable at any time" into a pool where I staked an LST. The annualized rate on that interface looked pretty appealing, but honestly, the returns don’t just fall from the sky. The main value of LSTs still comes from staking rewards plus trading fees. When you restake, it starts to layer: others use your "staking credit" to take on more work (validation services, AVS, etc.), and you get higher compensation, but the risks also stack up—contracts, oracles, exit liquidity, liquidation chains—any link breaking could turn into "no loss in token price, but losses in redemption."

Recently, everyone has been comparing RWA, US bond yields, and on-chain yields all together. I find that even more cautious: US bonds at least have transparent rules, while many on-chain yields are actually "liquidity subsidies plus complexity premiums." Anyway, I’m just going to stagger the maturities for now, keep enough liquidity to cover dinner, and take it slow—don’t get too excited and let myself over-ferment.