Recently, more people have been discussing LST/re-staking. To put it simply, there are two main ways to earn: one is the rewards from the underlying staking itself, and the other is reselling your "security/liquidity," with project teams covering the costs through subsidies, points, or future fee income. The former is relatively solid, while the latter depends on who still has money and whether their business can really take off.

Don't pretend not to see the risks: contract permissions, upgrade switches, how the treasury is spent, and re-staking that ties the same collateral to more places—if something goes wrong, it can trigger a chain reaction. Recently, with expectations of interest rate cuts, the dollar index, and risk assets all acting erratically, when sentiment heats up, people tend to take "returns" for granted... I usually start by checking permissions and fund flows. If I understand it, I get in; if I don’t, I just skip it.

I don’t need to be understood, but at least don’t be seen as playing the contrarian: there’s no problem making money, but first figure out where the money is coming from and where it might not be. That’s all for now.