Recently looking at LST and re-staking, it feels like repeatedly stamping the same color card: the returns look high, but the sources are really just a few categories—those underlying stakings, protocol incentives, plus a bunch of "others willing to take your risk at a premium." To put it plainly, it’s not grown out of thin air; someone is paying for it.

The risks are pretty straightforward: contract issues, penalties/slash, liquidity crises causing slippage to skyrocket, plus layers of packaging. When problems occur, you don’t even know who to blame… What I fear most isn’t slowness, but chaos: if it’s slow, I can adjust my positions; if it’s chaotic, I can only tough it out.

By the way, I want to rant about social mining and fan tokens, that “attention equals mining” thing. Whenever I see it now, I just want to laugh. Attention is definitely valuable, but what you’re mining might be emotional fluctuations, not assets… Anyway, I keep my position small, using it as a color palette, not the main color.