Recently, I’ve been seeing everyone discuss LSTs and re-staking, and it feels like they’re taking it like “adding two more people in the elevator” can make it work… Where does the profit come from? To put it plainly, it’s just the base interest you earn from staking, stacked with what other people are willing to pay for safety/liquidity/points, plus the project team’s subsidy “sugar” bonuses. The risks are pretty similar too: everything is layered and wrapped up; when something goes wrong, it’s not just “a small dip”—it’s contract bugs, de-pegging, and a chain-reaction of liquidations, until you finally realize you’re holding a whole string of IOUs.

Now people are also using RWA and US Treasury yield rates to compare against on-chain yield products. I find that quite interesting: one is like a bank counter, and the other like a night market stall—things are bustling and lively, sure, but don’t confuse “seems stable” with “truly stable.” Next time, I’ll most likely split my position into smaller parts. I’d rather earn a bit less than go all-in… Are you still bold enough to open how much leverage you need to chase yields like this?