These days I've been looking at lending pools again, and I casually checked out the LST/re-staking side. The returns basically come down to two parts: one is genuinely paid by users (interest on borrowed coins, service fees, etc.), and the other is project subsidies/point distributions. The latter is lively but also the most likely to suddenly change face. The risks are similar: the underlying staking layer has penalties/late redemption, and stacking another layer of re-staking adds another set of rules and another layer of "possibly unredeemable."

Recently, everyone has been focusing on staking unlocks and token unlock calendars, and the anxiety over selling pressure feels quite real. I'm currently in a wait-and-see mode: waiting for the large stakers' collateralization ratios to stabilize, waiting for the emotions around unlock periods to pass, waiting until I figure out what to do if I can't redeem it in the worst case... Anyway, I'm not in a rush to stack all the risks.