For the past couple of days I’ve been looking at LSTs and re-staking again. To be blunt, the returns aren’t just falling from the sky: some of it comes from a bit of inflation and fees from the underlying staking, and most of the rest of the time it depends on incentives provided by outside projects—or you “sell” the same sense of safety one more time. It sounds pretty attractive, but the risks stack up too: if a contract goes wrong, if an oracle glitches, and when liquidity gets tight you get traded at a discount. On top of that, the validators’ income becomes even less transparent due to MEV and transaction ordering, so it’s normal that retail investors complain… Anyway, the more lively it gets, the more I’m afraid. Last time I stayed put because I couldn’t figure out the re-staking penalty forfeiture rules—later, someone really did end up stepping into a trap. In my head I was like: forget it, making a little less is fine. If I don’t understand it, I won’t move first—plain as it is, but it can help me last longer.