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Recently, I've been looking at LSTs (pledge certificates and similar) and re-pledging again.
It feels like the returns are basically two parts: one is the staking rewards from the underlying chain, and the other is using "your sense of security" to back other protocols/new chains, with others offering some incentives or subsidies in return.
It sounds pretty attractive, but the risks are quite straightforward: penalties or confiscation on the underlying chain, issues with upper-layer contracts, and layering on top increases the chance of explosion.
The most annoying part is that when liquidity tightens, you have to accept discounts if you want to exit.
Now, new L1/L2 projects are pulling TVL with incentives, and old users complain "mining, selling, and dumping." I can understand that too...
Anyway, I just treat it as a side dish: small portions for tasting, those that can be withdrawn at any time get priority, and I don't put my entire weekly food budget into it.