I just closed a page related to re-pledging… It’s not that I don’t want to make money, but honestly, when yields are stacking up, the risks are secretly stacking up too, especially “shared security” sounds like everyone is tied together to keep warm, but if something really goes wrong, everyone could be taken away at once. The flaw of engineering-minded thinking is always asking: who is backing whom? How far does the penalty mechanism extend? No matter how fast the bridge is built, it must be stable first; otherwise, the more you cross, the harder you fall.

These days, watching the funding rates almost made my head spin, debating in the group whether to reverse or keep squeezing the bubble. I think at such times, it’s easiest to fall into an illusion: on one hand, thinking “the interest spread is worth it, so why not take advantage,” and on the other hand, forgetting that when correlation rises, all “diversification” turns into the same line. Let’s wait and see, do fewer things with dreams, and pay more attention to actual on-chain flows.