These days, I've been seeing a bunch of screenshots of LST/re-staking yields, but I actually want to pause for a bit. Basically, there are two sources of income: one is the staking rewards that are inherently on the chain, and the other is projects incentivizing you to "borrow" and work (security, validation, liquidity, etc.). It looks pretty attractive in the short term, but where the money comes from ultimately determines who will foot the bill later.

The risks are pretty straightforward: whether that "certificate" you hold will lose its peg, whether the contract will have issues, and whether the layered re-staking will stack risks into a thousand-layer cake. Recently, unlock/unlock calendar dates have been mentioned every day, and everyone is worried about selling pressure. I just want to stop chasing emotions and take a moment to look at the structure: is it supported by natural demand, or is it sustained by subsidies? Anyway, as someone with a refined taste, I prefer to go slow, waiting until the narrative and community stabilize before taking action.