LST/Re-staking this wave, I really want to roll my eyes: the returns don't fall from the sky, basically it's just taking that “safety premium from staking ETH” and selling it again, while stacking a bunch of points/subsidies. Once the subsidies stop, what's left is the real profit, which might not even cover a single slippage + fee.

Don't pretend not to see the risks: if liquidity is drained, LST discounts are no longer just a myth; re-staking is even more intense, using the same collateral to back more systems, and when things go wrong, it's not just “losing a little,” but a chain reaction of explosions. Plus, there are all kinds of smart contracts/oracles/bridges/delegates permissions—any slack in any link can teach you a lesson.

Recently, the debate in the group about privacy coins, mixing, and compliance boundaries has torn the community apart, but it’s really the same issue: you think you're buying yield/freedom, but in the end, you're buying uncertainty. Anyway, I only choose highly liquid LSTs now, no leverage, can’t sleep at night.