Recently, I've seen a lot of people discussing LST and re-staking, and honestly, the returns don't fall from the sky: some come from the underlying staking, but a lot are actually from "people willing to pay for safety/points/narratives," or new projects using subsidies to pull you in. When subsidies run out and demand weakens, the returns also weaken.

There are two points about risk I care more about: first, repeatedly stacking the same asset looks very stable on-chain, but if something really goes wrong, it's just a chain of correlated collapses; second, things like contracts, penalties, governance rule changes—these don't feel significant day-to-day, but if you hit them, they're a serious flaw. The inflation + studio + token price spiral in chain games is quite similar in logic: returns are maintained by new buyers stepping in, and when sentiment drops, the bottom drops out.

Anyway, I only look at daily charts; taking it slow is fine. First, figure out "who's paying" before anything else. I'm going to get to work.