Recently, I saw everyone hyping up re-staking and shared security as if they were "profit multipliers," basically saying profits can multiply, and so can risks—people just prefer to focus on the first half. Security is inherently abstract; once it becomes a packaged "service," any problem in the chain can propagate faster than you think.

Some people are comparing RWA, especially U.S. Treasury yields, to various on-chain yield products... I can understand the desire to find an anchor, but that "seemingly stable" yield on-chain is often driven by sentiment and incentives, not cash flow. Don’t just lump different types of things into one table and feel secure.

Why do I stay calm? It’s really just a habit: every day I check the funding rate and open interest, and when I see everyone’s data is very consistent, I force myself to reduce a little, go slower—better to eat less than to gamble on that one shot. That’s all for now.