The third time I saw everyone in the group talking about LST/re-staking "lying down to earn," I started to get sensitive again... Where do the profits really come from? Honestly, someone is paying: either real on-chain fees/MEV are being split, or the project is using incentives to lend future money to the present. The more you go towards "re," the more it seems like repeatedly collateralizing the same security, earning a bit more, but if something goes wrong, the issues can spread even faster.

Recently, before and after the upgrade of that mainstream public chain, everyone was guessing whether projects would migrate. I'm actually more worried about: if the chain shakes, the LST price can't stay anchored, redemption queues form, and the penalty/forfeiture rules for re-staking are triggered, the sentiment might collapse even faster than the chain itself.

My current rule is: if I don't understand who is paying for the yield, I treat it not as "profit," but just as volatility compensation... avoid it as much as possible, even if it means earning less. Stop-loss is like confessing, but not stopping-loss is even more painful.