Recently, LST restaking has been all the rage, but to put it bluntly—where does the yield come from? On-chain transaction fees, expectations for airdrops, and the protocol’s own incentives. At its core, it’s taking the liquid staking tokens you hold and lending them back out to earn a bit of extra interest. But the risks are also well hidden: a liquidity crisis, smart contract vulnerabilities, or a sudden collapse in market sentiment—by the time you realize it, you can’t move your money in time. That’s the real “Waterloo.”

Recently, I’ve seen heated arguments in groups about privacy coins and mixers. Some people think compliance is the lifeline, while others believe anonymity is the soul of Web3. Both sides have their points, but honestly, nobody can clearly say where the boundary is. In any case, I only hold a small position—I don’t dare to go all-in. I’ll first see which way the wind blows.