After a night run, I checked the L2 bridge traffic and the fee curve—it’s pretty flat. If anything, it makes me want to lower my expectations a bit… Anyway, don’t always think “there’s extra profit out of thin air.”

As for LST/re-staking, in plain terms, most of the upside still comes from two things: first, the normal returns from the underlying staking; second, the incentives/fees you get by “selling” the same security—i.e., getting the same safety back a second time. It sounds great, but the risks are here too: you’re effectively taking on an extra layer of commitment. If something goes wrong with the contract, if the verification/punishment mechanisms aren’t thought through, or if liquidity tightens up, it might not just be a small dip—it could mean you can’t unwind, or you get hit with penalties by association.

Recently, the whole “attention equals mining” setup around social mining and fan tokens—I can see how it’s a bit like packaging incentives as a source of returns… It’s lively for sure, but cash flow isn’t necessarily there. For now, I’ll just assume I’m buying the risk, not the certainty.