I muted the group, and the world instantly became quiet, my heartbeat also dropped from "Is there any big news" to "Oh, it's just more arguing." Recently, those L2 folks are arguing more than TPS, fees, and subsidies, sounding like a market... Anyway, I only look at one thing: what's left when subsidies stop.

LST/re-staking is the same; honestly, returns are not falling from the sky, either they are fed by inflation + subsidies, or you sell "safety" once more: staking the same amount to support more projects, earning a bit more, but if something goes wrong, everyone bears the consequences together. The most annoying thing is that everyone only focuses on APY, assuming risk will automatically disappear.

Now I only look at perpetuals through funding rates and human nature; for re-staking, I look at the source of returns and the liquidation chain. Don't mistake "an extra layer" for "more stable," usually it's just "more complex and harder to escape." That's all for now. If I really participate, I only dare to take small positions as a tuition fee.