Recently, people have been chatting about LST/re-staking. Honestly, where does the yield come from? Part of it is the staking rewards themselves, and the rest depends on “someone being willing to pay for security and liquidity”—for example, protocol subsidies, incentives from the project team, plus a little bit of the collective expected premium… It sounds pretty sweet, but it also feels like you’ve borrowed from the future.

And don’t pretend the risks aren’t there: stack one layer on top of another and you add another layer of things that can go wrong—contract vulnerabilities, oracle glitches, redemption queues, and when liquidity dries up, slippage comes in and turns people away. The most awkward part is that you think you can exit anytime, but then the chain jams, gas fees shoot through the roof, and I just end up slacking off.

Recently, I’ve also been a bit skeptical about the whole “attention equals mining” setup—social mining, fan tokens, that kind of thing. What exactly can you mine out of attention? Most likely, it’s still just other people issuing tokens to you… Once the subsidies stop, you’re left with nothing but emotional value. Anyway, I’m just casually harvesting rewards for now—if I can’t make much, I’ll just treat it as paying tuition. Don’t get carried away.
I’m going to get to work.