Recently, I've seen a bunch of people chasing LST and the "extra yield" from re-staking. My first reaction is: where is the money being extracted from? Frankly, the basic part comes from the chain's inflation/fee sharing, which is like transparent wages; the later "add-on" is more like taking your collateral to other protocols as collateral or security backing, and they give you some tokens as a reward for your effort. It sounds pretty good, but you're also simultaneously putting multiple tables as collateral.

The risks are quite straightforward: originally, you only bet on the consensus of one chain, now it’s about also betting that the other contracts don’t malfunction, governance doesn’t change parameters arbitrarily, operators don’t slack off, and even an oracle anomaly can wipe out your position with a flick. The recent thefts of cross-chain bridges make me even less interested in that route of "moving assets around to chase yields." If something really goes wrong, you won’t even know who to hold responsible.

My current consensus is just "wait for confirmation"... I’d rather earn less than wake up one day to find myself as liquidity in a security incident. Anyway, as an old hand who’s been squeezed out of short positions before, I always assume high yields come with traps, then slowly review the code and analyze the situation—tiring but more reassuring.