Recently, I saw a bunch of people talking about LST and re-staking, basically the main sources of yield are twofold: one is the consensus rewards/fees from validation, and the other is taking the "same staked credit" and using it to endorse other services to earn some service fees. It sounds pretty attractive, but the risks are quite straightforward: if the underlying staking encounters issues (penalties, node misbehavior), the "additional income" layer stacked on top could vanish overnight; and there's also liquidity discount, if a run happens and you want to sell, you might not be able to sell at all.

My first look at these kinds of things isn't the APY, but rather the collateral factor, liquidation threshold, and discount curve in the lending pool—whether it can withstand volatility. Recently, the rate cut expectations fluctuate strongly, and the dollar index moving in sync with risk assets—rising and falling together—is pretty surreal. The more such environments, the less you should treat "an extra layer of yield" as free money; leverage can quickly bring us back to the educational lessons of the past. That's all for now, I'll take my time to pick carefully.