Recently, people keep asking about LST and re-staking—what exactly is the profit... I understand it as: the staking rewards at the bottom layer are transparent, and the rest mostly come from "people willing to pay for security/consensus services," or project teams incentivizing you to lock in. The returns look like they stack several layers, but so do the risks: one layer of smart contracts, one layer of withdrawal periods, and another layer of penalties/seizures for re-staking. The biggest fear is that when everyone rushes to withdraw, you'll realize that "liquidity" is just an adjective.

I still stick to my approach: small multiples, set exit conditions in advance, don’t rely on faith to withstand downturns. By the way, I have to admit something embarrassing—I only found out a couple of days ago that hardware wallets are out of stock... I’m still using old devices, so I was a bit slow to catch on to the phishing links flying everywhere. Anyway, don’t click on unknown airdrops, first check the address and signatures carefully, or you might pay tuition before even earning the profit.