Recently, someone keeps urging me to look into LST/restaking. Honestly, the moment I hear “an extra layer of return,” I frown first: where does the money come from? Either someone is genuinely paying security fees/service fees, or it’s subsidies that treat you like traffic to be bought. The risks are also pretty straightforward: the underlying staking hasn’t changed. On top of it, you’ve just piled on contracts, oracles, liquidations, and governance squabbles—any little hiccup in any part can let that “extra return” get gobbled right back.

A while back, I checked out a restaking project. I flipped through the docs for three pages and started zoning out… so I just closed it. Screw it—if I can’t make sense of it, I won’t move on for now. After all, I trust “don’t treat announcements as fundamentals” more.

By the way, on the L2 side they’re constantly comparing TPS, fees, and subsidies every day. They talk big on the surface, but once subsidies stop, the ecosystem gets quiet like a ruin. I like watching the excitement, but I don’t want to be the fuel for it. That’s it for now.