Recently, I've come across a bunch of posts about LST/re-staking again, and everyone is asking "Where does the yield come from?"

Now I’m actually no longer trying to explain... There are probably two types: one is genuinely needed, paying you for security, verification, service fees, etc.,
the other is more like incentives and subsidies just to keep the hype going, with money cycling from project treasuries or later participants.

The risks are pretty straightforward: on-chain, it's about contracts/liquidation/de-pegging; off-chain, it's "rules change and there's not much you can do."
Especially with new L1/L2 projects, once incentives kick in, TVL is pulled up; old users complain about mining, selling, and I get cautious when on-chain trading volume doesn’t match social media buzz:
Pink doesn’t necessarily mean a bubble, but bubbles are often very pink...
Anyway, I’d rather earn a little less now than wake up one day to find I’ve become a liquidity ornament.