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This morning, I was scrolling when I saw someone else in the group asking, “Does LST+ re-staking really mean you’re just lying back and making money?” I almost sprayed my coffee… The truth is, the returns aren’t just falling from the sky: part of it is the “base salary” from the original staking, and a lot of the rest is more like taking the same sense of security and selling it off in pieces—selling to different people, different protocols—just to pick up a bit of incentive and fees. The money may look like it’s growing, but the risks stack up right along with it: contract vulnerabilities, the operator running off, on-chain congestion making redemptions slow, and even when everyone starts crowding in to withdraw together, that’s when you realize “liquidity” comes with conditions. Lately, people have been digging up the staking unlock and token unlock calendars day after day to scare themselves—this anxiety about sell pressure isn’t coming out of nowhere…
I have only one principle right now: only take the returns you can understand. Don’t stake your sleep just for an extra couple of percentage points.
That’s it for now—my hands are itching again.