Lately, people have been talking about LST + re-staking again—basically, it comes down to: “Can the same underlying sense of security be stacked to produce two rounds of returns?” Where does the yield come from? Either real people are paying for security (the protocol is willing to spend money), or subsidies/airdrop expectations are propping it up—otherwise, I just don’t believe money grows out of thin air.

Don’t pretend the risks aren’t there: the longer the “certificate” chain you hold, the more any single link failure can take you down with it. Smart contracts, oracles, node operations, governance decisions made on a whim—plus when liquidity is thin, one trade can turn into a mountain of slippage. And in the end, everyone argues about “nested dolls”—and I don’t think it’s a moral issue; it’s an accounting issue: who’s paying for this return, and for how long. Anyway, I’d rather make a little less now than treat the cost of exiting as if it doesn’t exist.