Everyone knows this already: the “extra yield” from LST/re-staking isn’t something that just drops from the sky. Either it’s protocol subsidies/points (the whole setup during an airdrop season), or you’ve taken the same staking capacity and lent it out to other people again. Put plainly, it’s stacking up risk to get a bit of sweetness in return.

For my part, I’m looking at it very realistically right now: the more the yield looks like “working on a task platform to earn points,” the more I treat it as short-term sentiment and won’t use it to estimate long-term annualized returns. Instead, I focus on two things—whether I can exit at any time, and whether the underlying is doing some re-packaging I can’t make sense of. The harsher the anti-witch measures, the more it shows that this money is hard to skim from. In the end, those who are willing to take the risk are the ones who stay… For now, just survive first—keep the position smaller, and sleep soundly.