Recently, discussions about LST/re-staking have heated up again. I'm actually waiting: waiting until I understand the source of my returns before taking action. To put it simply, the underlying returns still come from staking rewards plus people willing to pay for "more flexibility/more composability," but the extra layer of re-staking often involves packaging and selling tail risk. It’s not obvious during normal times, but when something goes wrong, everyone exits together. Those who do LPs understand—impermanent loss isn’t caused by volatility; it’s caused by thinking you’re stable.

In the group these days, there’s been talk about stablecoin regulation, reserve audits, and de-pegging rumors... When emotions run high, everyone wants to latch onto "high yields" as a comfort. Actually, the risks also come from the same sources: redemption congestion, contract/operation issues, and sudden liquidity migration. Anyway, I’ll wait for confirmation, a pullback, and for myself to think clearly before deciding whether to take some positions. That’s all for now.