Recently, people have been asking again where the LST/re-staking yields come from. To put it simply, the main source is "someone pays": the original block rewards at the consensus layer + quality MEV, plus the re-staking package that bundles security services and sells them to other protocols. If the project team is willing to subsidize, it looks quite attractive. The problem is, how much of this attractiveness is actually subsidies, and how much is real cash flow? I’m too lazy to pretend to understand, but whenever I see "stable high returns," I just roll my eyes first.

Don't just focus on the simple question of "will it be cut," because the liquidity layer of LSTs is easily distorted during a run, and re-staking adds another layer of risk involving contracts/bridges/operators. If one day an AVS issue occurs, it could trigger a chain reaction, and everyone will realize "the correlation is actually 1." Modular and DeFi narrative developers are excited, while users are completely confused. I think this re-staking setup is similar: it sounds very advanced, but in the end, it might just be you paying for someone else's experiment. Be cautious—don't treat it like a deposit.