I started tracking where the returns from LST/re-staking actually come from. The more I record, the more it feels like cooking: it's not "meat is served on a plate," but rather breaking down the original safety, liquidity, and maturity into separate components. The main sources of income are two pots: one is the base broth from the consensus layer (staking rewards), and the other is the "additional fee" from external projects (incentives/fees/points or similar). The latter is tempting, but the risk of overcooking is high: contract risks, penalties and confiscations, liquidity squeezes, and even if you think you can withdraw anytime, the queue might be scheduled for next week. Recently, during the extreme funding rate period, the group argued whether to reverse or keep squeezing the bubble. I actually prefer to look on-chain: who’s adding positions, who’s quietly unlocking and withdrawing... To put it simply, returns aren’t free; they just come with a different risk profile. That’s all for now—got to simmer some soup this weekend.