Recently, I came across a bunch of LSTs and re-staking "new opportunities." I fell into my old habit: where exactly does the yield come from? Frankly, there are only three sources: the native rewards from underlying staking, protocol incentives to attract TVL, and the rent you earn by selling the same "security" to more places. It sounds quite reasonable, but the risks stack up too: smart contract issues, redemption queues/disanchoring, and re-staking amplifying tail risks. Usually, you can't see it, but when something goes wrong, it's a chain reaction.

Lately, modularization and DAO layers are hot again. Developers are talking excitedly, but users look confused—I’m pretty much the same... Anyway, I’m currently focusing on two points: can I exit anytime, and how much can I lose in the worst case? Don’t treat "extra layer of yield" as a free lunch.