Recently, everyone has been talking about LSTs and re-staking, and the yields sound quite attractive, but I always think of one thing: where does the money come from? To put it simply, the basic part is staking rewards, and a lot of the rest is "layered": protocol subsidies, mining new points, or even packaging tail risks for you. Usually, when everything is calm and peaceful, it's fine, but once liquidity thins out, LST discounts and liquidation lines trigger a chain reaction, and the worst part is you still think you're holding "cash-like" assets.

Re-staking is more like repeatedly promising the same collateral, and as yields increase, so do black swan risks: penalty rules, contract risks, custodial/malicious node behavior, cross-protocol chain reactions. The vibe of inflation + studio + coin price spiral collapse in blockchain games is actually somewhat similar: subsidies stop, sentiment shifts, liquidity dries up, and what's left is only "too late to run." My current principle is: can withdraw at any time, understand penalty rules, and calculate the worst-case scenario first—survive first, then talk.