I just saw a bunch of people talking about re-staking again. Honestly, where exactly does the return from LSTs or re-staking come from? If it’s basically only protocol incentives and an airdrop expectation—let’s be real—that’s just returns propped up by sentiment.

Right now, ETF capital flows are tied to risk appetite in US stocks. The moment anything even slightly goes wrong, TVL drops and my blood pressure rises. I’ve also been reminded repeatedly by myself: don’t just stare at the annualized yield—real user retention is the moat. But every time I get tempted to add to my position, I say, “I don’t believe this anymore,” yet my actions still don’t lie.

Sigh—well, it’s risk. Besides smart contract vulnerabilities, there’s also the risk of liquidity spirals and panics. Who knows when it might suddenly collapse. But I just need someone to knock some sense into me again: don’t treat the flywheel as a perpetual motion machine.