Recently, I was asked again where the LST/re-staking yields actually come from... My current understanding is quite "door lock perspective": originally, the staked amount is basic rent (consensus rewards), and LST turns it into a transferable "key". You hold the key and can use it elsewhere as collateral, provide liquidity, or even re-stake to endorse other systems, so the extra yield basically comes from: others paying you with your security/liquidity, or subsidizing to attract people... Ah no, I mean, to lure them over.

The risk also mostly arises from here: the more doors, the longer the chain of keys, any link malfunction could cause a blockage—contract bugs, excessive permissions, oracle glitches, liquidation cascades, plus the gameplay of "re-staking" which sells the same security twice, all of which suggest that if something goes wrong, it will cause a run. Recently, the competition among L2s over TPS, fees, and subsidies has been fierce, but I care more about whose access control is reliable; a lot of subsidy doesn't mean the lock is secure.

Now I’ve scaled down my goals: I don’t chase those seemingly lucrative stacking games, I’d rather earn less and make sure I can see if the admin can upgrade with one click, pause operations, and who can actually move the funds. Frankly, only the yields I can sleep soundly over count as real yields.