Recently, I've been looking into LSTs and re-staking these days, and I feel like many people talk about yields as if they fall from the sky. My own understanding is quite rough: yield, simply put, is you taking the same safety/ collateral and doing a bit more work with it; some are basic rewards given by the network, others are extra services willing to pay for your "endorsement." Money doesn't come out of thin air; it's more like you packaging and selling the risk again.

Risks also come along: issues with contracts/agreements are one layer, and after stacking several layers, the correlation increases, and if something really goes wrong, it might all collapse together. Then there's liquidity and de-pegging, which are not visible during normal times, but when the market goes crazy, everything crowds into the same door. I see now that everyone is comparing RWA and US Treasury yields to on-chain yield products, which is quite normal—after all, they’re all looking for the "more stable" side, but on-chain stability often just means "not being tested by a bank run."

My clumsy method to avoid impulsive trading is simple: first, put my phone aside, go pour a glass of water, and when I come back, I only allow myself to place a very small test order; if I still want to add to my position, I force myself to wait until the next hourly candle closes. Anyway, the market going crazy won't take away this trade from me, so I try to calm down first.