Recently, I saw a bunch of people talking about LST and re-staking, the returns look pretty attractive, but I have my own issues and can't help but ask first: where does the money come from? Basically, it's about earning an extra layer of "lending out safety," relying on protocol subsidies, inflation points, and incentives from a bunch of new projects. When things are hot, everything can be counted as profit; when it cools down, there might only be risks left.

The risks are pretty straightforward: the same collateral is used for more activities, and when something goes wrong, everything collapses together. Contract vulnerabilities, penalty mechanisms (slashing)—these are things you can't control. The most annoying part is that the authorization chain keeps getting longer, and if you're not careful, it's just "habitual trust" that sends you off.

By the way, I was a bit slow to realize that hardware wallets are out of stock. I only found out yesterday that many people around me are rushing to buy them... And phishing links are also very common now. There are a bunch of "airdrop claims" in the group, and just looking at them makes my scalp tingle. Anyway, the first thing I check when I see re-staking now isn't the annualized return, but whether I need to review authorization and withdrawal conditions. If it's a bit troublesome, so be it.