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Recently, I’ve been looking at LSTs and the whole re-staking setup again, and I feel like a lot of people treat the yield as “interest that shows up out of thin air”… Basically, it’s mainly two parts: one is the rewards from staking itself, and the other is that you “rent out” the same security to be used elsewhere, to get some rent/incentives. The more you spend the yield, the more it actually means that more people/protocols are borrowing your risk tolerance.
At first, I was quite tempted—I thought all it would take is to just bump the interest rate curve up. But later I found that the biggest trap isn’t whether the returns are high or not; it’s the tail risks: the moment of de-coupling, the moment of liquidity being pulled away, and the moment when re-staking’s underlying has an accident that triggers a cascade of “re-staking bottom layer gets into trouble and everyone gets blamed.” Those are things you can’t see during normal times. Recently, the group has been circulating talk about stablecoin regulation, reserve audits, and all sorts of rumors about “possible de-pegging.” Once emotions run hot, it feels just like the night before a bank run… Anyway, I care more now about whether the collateral can be swapped back at any time. I’d rather keep my position smaller and sleep more peacefully.