Just woke up and checked the discussions on re-staking / LSTs, and I feel like everyone always loves to treat "returns" as if they fall from the sky. To be honest, there are only two sources: one is the inherent value of the underlying staking, and the other is the incentives / points / airdrop expectations given by protocols to attract TVL. The latter is more like "telling stories about the future," lively but not necessarily sustainable in the long term. The risks are straightforward: the same collateral being layered and used repeatedly, and as the chain gets longer, it's easier for issues to arise (contracts, oracles, redemption liquidity, penalties / runs). It may look stable on the surface, but when the wind shifts, everyone might tremble together. Recently, the NFT royalty disputes have been quite intense, which also seems similar: creators want ongoing income, the market wants smoother liquidity, but in the end, it all depends on who is willing to pay for whom. Anyway, when I look at re-staking now, I first ask myself, "Who's paying, and for how long?" It feels more reassuring than just focusing on annualized numbers.