Recently, with LST and re-staking, everyone is asking "Where does the yield come from?" Basically: you take the staking rewards that originally only earned once, use them as a note to layer on service fees/security fees, a bit like repeatedly writing IOUs on the same collateral, which can earn more interest, but only if the chain doesn't have issues.

The risks are pretty straightforward: if the underlying staking gets penalized, slow to unlock, or faces liquidity crises, the note will collapse first; if the layer of re-staking encounters strategy errors, contract bugs, or external component glitches, the more layers stacked, the more dramatic the fall. A few days ago, cross-chain bridges were hacked again, or oracles reported outrageous prices, and the group collectively said "waiting for confirmation." I found it funny but also a bit angry: when everything's smooth, they boast about compound interest; when something goes wrong, they revert to human instinct—"don't move, play dead."

Now I’m just watching large deposits and withdrawal queues, and when I see signals like "yields suddenly look more attractive," I tend to treat it as a warning... Forget it, I won't be an eyewitness.