To be honest, I’ve been watching this wave of hot re-staking. The more I look, the more it feels like the illusion of compounded returns is more dangerous than the bubble itself. During the airdrop season, all kinds of task platforms were trying to quantify points down to four decimal places. Once the anti–Sybil measures kicked in, the “loot-grabbers” just churned through it like it was their job. In the end, you’re left holding a pile of locked-in documents, while liquidity gets stuck tight.

A while back, I set a risk-control alert: if my loss hit a certain line, I’d automatically withdraw. After setting it, I felt pretty calm that day, like I finally had something to rely on. But the next morning, when I woke up and stared at that limit again, I started thinking—if I withdraw too early and later we actually see returns beyond the limit, wouldn’t all that time have been for nothing? At the end of the day, human nature is like that: you want to protect your principal, but you’re also afraid of missing out.

Now I’m used to it. Every time I add to my position, I set a hard stop-loss first, and then tell myself: this is discipline, not a prediction. For now, I “play dead” and let the market run on its own for a while. In any case, being careful is never wrong.