Someone asked me where the profits from the LST/re-staking wave are really coming from... To put it simply, there are two sources: one is the staking rewards provided by the blockchain itself, and the other is the service fee/incentive for "selling the same security again" (projects pulling liquidity, building ecosystems, initial aggressive incentives). But the risks are also very straightforward: if the underlying layer faces penalties or node misbehavior, you can't escape even if you hold LST; the re-staking layer also adds risks like protocol bugs, rule changes, and discounts when liquidity tightens, making it hard to run away if you want to. Recently, hardware wallets have been out of stock, and phishing links are everywhere. I’m even more hesitant to casually authorize a bunch of permissions... The returns look tempting, but in the end, I might lose by "clicking the wrong button once." I only focus on the few layers I understand now, keep my positions small, and just try to stay alive for now.