I saw those charts about restaking where the returns stack on top of each other, and honestly, it’s a bit tempting. But thinking about my own past mistakes, I’ve learned enough to know better. When the returns stack up, don’t forget that the risks are stacking too. A couple of days ago I was looking at that curve—keeping the principal safe is the foundation. If the foundation isn’t solid, any returns are just illusions.

These days, between Layer 2s, the competition around TPS, fees, and subsidies has been pretty lively. I’m just watching the excitement; I’ll still stick to watching the liquidation waterfall closely, so I don’t end up falling again. That’s just how I am. If someone thinks I’m being too cautious, I still need to make sure I’m comfortable first.