Recently, I’ve seen a bunch of people chatting about LST / re-staking yields. Put plainly, money doesn’t just fall from the sky: either the protocol uses subsidies/points to reel you in first, or it bundles more risk and sells it to you. At its core, LST is “I hold your exit rights.” It looks smooth day to day, but when you actually hit a run, the discount, the redemption queue, the market maker cancelations—your exit path is the real weak spot.

Re-staking is even more straightforward: using the same collateral across multiple venues, the yields stack up, and so do the disasters. The fact that the underlying chain hasn’t had issues doesn’t mean the upper layers won’t blow up—contracts, oracles, penalty and seizure rules, operators acting up—any one of these can turn “annualized” into a “year-end” number.

Someone asked me why I don’t go all in. I said, when you’re watching interest-rate cut expectations and the U.S. dollar index jumping around together, how can you still believe in “stable yields”? I’ll look at the unlock schedule and liquidity depth first—only what I can withdraw counts as returns. That’s it for now.