Recently, people have been talking about LST and re-staking again. To put it plainly, it’s taking the “security that was just sitting there” and putting it to work for extra money. Where does the yield come from? It’s nothing more than someone being willing to pay you: the protocol issues incentives, the projects purchase security, or—more directly—those who come after take over and subsidize those ahead. It all sounds great, but what I care about more right now is where the risks come from: if you repeatedly stack the same collateral, it looks thriving on-chain, but when something goes wrong, the liquidations will stack up too, and the stampede will happen faster.

It’s a bit like the economic collapse breakdown in chain games: inflation, studios, a spiral in coin prices—just a different skin. Anyway, whenever I see the words “increased yield,” my first reaction isn’t happiness; it’s to ask: who actually is paying for this money, and whether they can sustain it for long. For now, I’ll go quiet and keep diving into the shadows.