Recently, we've been discussing LSTs and re-staking again. To put it simply, returns are not something that falls from the sky; they mostly come from: basic staking + protocol subsidies/point expectations + market sentiment willing to give you a price. When subsidies stop and sentiment shifts, what's left becomes very real. The risks are quite straightforward: smart contracts and penalty rules, even if you don't understand them, still take effect; re-staking layers on top of layers, when something goes wrong, who bears the brunt first isn't certain; there's also liquidity—when it’s time to exit, you might only be able to sell at a discount. By the way, I want to complain that now, large on-chain transfers and hot/cold wallets of exchanges are often interpreted as “smart money coming in,” but I usually just see it as noise, at most as a thermometer of market sentiment. As for why I can stay calm... I have a habit: every time I see “stable” or “high yield,” I first review the funding rate and open interest. If the data doesn’t match my expectations, I just think I’m overthinking and don’t act.