1. `the growing price divergence between ETH & stETH` -> no idea what he means here, but i'll try and give me take: steth actually is worth slightly less than eth because of the withdrawal queue. beyond that: eth is significantly more liquid than steth and that's a premium that LSTs do not enjoy. it's a fact of nature that an LST can never be more liquid than its derivative. 2. `savvy actors who simply hold the staked version of it like stETH` -> disagree. these are not 'holding a staked version'. the staked versions represent a lending position. they're lending their capital to node operators who are technically more competent to run and operate an ethereum validator node, but do not have upfront capital to secure the network. 3. `Money earned by holding tbills or stETH is with neither risk nor work.` tbills: the issuer is also the issuer of the underlying. this is not true in the case of steth <> eth. and steth is not risk-free: by your own admission, there's slashing involved, and let's add that there's smart contract risk involved. how can it be simultaneously risk free and also incurs slashing? overall, 4/10 wax poetic slop.