Recently, someone asked me again where the "extra profits" from LST/re-staking are coming from. Honestly, there's no magic: part of it is the original staking rewards, and another part is using the same collateral to lend to other protocols to "borrow security" and earn subsidies/fees, and there are even attention premiums like points and airdrop expectations. But the risks also stack up here: smart contract vulnerabilities, unclear liquidation rules, discounts on redemptions when liquidity tightens, downstream protocol issues dragging you down... The apparent gains are high, but the chain is longer.

There's too much information, and I feel anxious, especially recently when memes and celebrities shout out, attention shifts quickly, and the scene where veteran players advise newcomers not to take the last step has returned. My filtering method is pretty simple: only look at two things—where the money comes from, who bears the bad debt; plus one hard rule: if you don't understand the penalty/redemption path, treat even high APR as nonexistent. Anyway, I prefer to earn a little less and be able to keep a record.