Recently, someone asked me again where the returns from LST/re-staking actually come from... I'll explain it from a kitchen perspective: the main dish is the basic rewards earned from staking, the side dish is the incentives/subsidies gained from re-staking by selling the "security" again, and occasionally I sprinkle some "scallions" from the airdrop season. Others think that just holding LST means earning passively, but in reality, it's more like stacking plates higher and higher, and the more you stack, the more afraid you'll get of trembling hands.

Don't pretend not to see the risks: contract/re-staking protocol issues, penalty and confiscation rules you can't understand, liquidity getting stuck and unable to sell, and unexpected things like the price diverging from ETH, like "too much soy sauce." Now, the task platforms are doing anti-witchcraft + point systems, making yield farming feel like clocking in at work. I, on the other hand, won't go all-in; I prefer to withdraw anytime even if I earn less, and I’ll draw the stop-loss line first.