These days, the debate over re-staking and shared security has flared up again, with people saying that yield stacking is a "matryoshka doll." My own understanding is quite simple: the core of LST's returns still comes from validator block rewards plus transaction fees. The additional staking is more about "people willing to spend money to buy security/services" or early subsidies. Clarify where the money comes from; otherwise, it's just writing risk as profit.

Don't pretend not to see the risks: the underlying issues (penalties and confiscations, node issues, protocol vulnerabilities) haven't disappeared, only layered on top (smart contracts, liquidation/de-pegging, rule changes, incentive gaps). Once these correlations surface, a serious problem could cause everything to collapse together. Frankly, I’m not afraid of low yields; I’m afraid of opaque sources that are assumed to be perpetual. First, observe the on-chain flow and how large addresses withdraw or deposit... What layer do you think is most easily overlooked?