Recently, I've seen a bunch of discussions about LST/re-staking again, everyone’s eyes light up at the “extra收益”. To put it simply,收益 isn’t falling from the sky: either you use the same staking certificate as collateral/liquidity for others, or the protocol uses incentives to subsidize the cold start, anyway someone is paying, the difference is who ends up footing the bill.

The risks are also quite straightforward: the underlying staking itself has the possibility of penalties/confiscation or node misbehavior, layered with contract risks, oracle/bridge/permission risks, plus LST discounts during liquidity crises… it’s like hanging a bunch of keys on a keychain, looks cool, but if you lose it, everything’s gone.

By the way, hardware wallets are out of stock recently, and I also saw a bunch of “official links” flying everywhere. The more these收益 stories pop up, the more active the phishing becomes. Anyway, I now silently repeat three times whenever I click a link: don’t chase that small interest, treat your seed phrase as your life.