A few cycles ago I noticed something strange. The faster yield opportunities appeared, the faster capital learned to extract them. Money moved aggressively into narratives, compressed returns almost immediately, then rotated somewhere else before most participants even understood what changed.
At first I assumed better products naturally win. Better yields attract liquidity, liquidity creates growth, and growth creates sustainability. But after watching enough rotations, that explanation started feeling incomplete.
When a market learns how to copy advantages quickly, returns stop being scarce. Yield becomes infrastructure. Liquidity becomes portable. And suddenly the competition isn't happening at the product level anymore it's happening inside allocation behavior itself.
That's partly why projects like @Bedrock caught my attention. Multi asset liquid restaking isn't interesting simply because assets remain liquid while earning rewards. What's interesting is what happens when every protocol starts competing for the same mobile capital pool that can leave as quickly as it arrived.
Portable capital creates efficiency, but it also creates problems. Temporary liquidity looks like adoption. Token emissions can imitate demand. Weak verification can distort signals. If everyone can offer similar returns, maybe the scarce resource isn't yield anymore.
Maybe it's repeated participation.
And if retention becomes the real market advantage, what exactly are markets currently valuing?
