Recently, while translating DeFi projects, I was attracted by a protocol that does liquid staking - Lorenzo.

To be honest, I've seen quite a few projects in the LRT space, most of which either simply replicate the LST model or just lock up the staked assets in exchange for a certificate. Lorenzo is different; what it's doing is more down-to-earth: allowing you to stake your coins to earn native yields while also being able to take them out to participate in other Decentralized Finance activities. This may seem insignificant during a bull market with abundant liquidity, but in a bear market, capital efficiency is crucial.

Their $BANK token design is also quite interesting. It's not just something created for the sake of issuing a token, but is truly integrated into the operation of the protocol—reward mechanisms, governance weight, and ecosystem expansion all rely on it. This type of "functional token" is much more reliable than purely speculative air tokens.

I tend to agree with the path chosen by Lorenzo: to squeeze every bit of utility value from assets within the risk control scope. This logic holds regardless of whether the market is good or bad, so it's worth keeping an eye on how it continues to unfold over the long term.