Recently, I saw a bunch of charts comparing on-chain yields from LST/re-staking with RWA and US bond yields. Actually, my first reaction after seeing them was: don’t rush to benchmark, first ask where the returns come from. The point of LST is mainly about systemic cash flow related to verification/MEV, and re-staking is even more like taking the same security and using it to secure multiple positions. Most of the money is the "rent" + subsidies that new services/protocols are willing to pay. To put it simply, once the subsidies stop, the returns will reveal their true nature. The risks are straightforward: smart contracts, penalties/slashing, correlation (everyone crowding into the same door), plus governance making arbitrary parameter changes. Anyway, when I look at these kinds of products now, I first review the original terms and conditions for penalties and confiscation, otherwise it’s truly blind like buying financial products.