Recently, I've been looking into LSTs and re-staking, and honestly, the returns aren't just falling from the sky: part of it is the original staking yield, and most of it is you lending out the "same security" to other services, which pay you some subsidies/points as interest. It sounds pretty good, but the risks also stack up: protocol bugs, unclear penalty and confiscation rules, liquidity tightening making it impossible to withdraw, and the worst part is that once everything is connected, any problem can drag you down with it.

Now, for the third time, I remind myself: don’t just focus on the APY numbers, first write down the unlock times, redemption paths, and worst-case scenarios in your notes, or you'll be scrambling when the time comes. By the way, hardware wallets have been out of stock lately, phishing links are everywhere, and before I interact, I triple-check the source of the links… my hands really get tired, but I don’t want to become a teaching example.