Recently, many people have been asking where the "profits come from" in LST/re-staking. Basically, it’s taking the originally single-purpose staked assets and stacking more service fees/incentives on top, but this isn’t a printing press; most of the profits come from: someone willing to pay for security/settlement/validation, or projects using subsidies early on to bring you in. When the subsidies fade, profits suddenly become very ordinary, or even insufficient to cover risks.

Don’t overthink the risks: first, protocol-level vulnerabilities or governance failures; second, the more layers you stack, the harder it is to see who the funds are really working for; third, during liquidity crises, you might think you can exit anytime, but in reality, the queue is outside the door… Recently, hardware wallets have been out of stock, phishing links are everywhere, and I see many people chasing re-staking points while entering private keys into fake sites—it's really hard to keep calm. Anyway, for me: the fewer signatures, the better; if I don’t understand the yield, I just pretend it doesn’t exist.