Recently, everyone has been talking about LST and re-staking again, honestly, there are only two sources of revenue: one is the staking interest that should be earned by putting ETH there, and the other is people willing to pay for "security/consensus endorsement" (whether it's protocol subsidies or business income). The problem lies here as well; the second part is often still in the pie-in-the-sky stage, especially with testnet incentives and the points system, and no one dares to guarantee whether the mainnet will issue tokens.

From my own perspective on the chain, I pay more attention to how big players are rebalancing their positions: some use LST to re-stake, which is essentially double-pledging—once for the underlying stability, and once for the narrative on top. The risk is quite straightforward: if the smart contract/punishment mechanism goes wrong, that "stability" at the bottom could be compromised by the upper layer; plus, during liquidity crunches, a deviation in LST price can be very painful. Anyway, I now prefer to treat "points expectations" as a bonus, not the main course, so my mindset stays more relaxed.