Recently, someone asked me again what LST and re-staking are really earning. To put it simply, the profits don't just fall from the sky: part of it comes from the inflation/fees of the underlying staking, and another part is packaging the same "security" and selling it again. If the project team is willing to subsidize and incentivize, you'll see higher on-paper returns. But the risks are pretty straightforward: the more layers stacked, the more points of failure there are—contracts, oracles, bridges, liquidations, confiscations—any one of them could trigger a chain reaction. It feels like a shield borrowed and Lego assembled—usually stable, but one fall could cause everything to fall apart. I've seen a lot of that inflation + studio + coin price spiral in chain games; once subsidies stop, it all gets exposed. So now I care more about cash flow sources—preferably less, and not relying on "new money" to sustain it. Anyway, I still prefer stablecoins and blue-chip assets, slowly enduring impermanent loss, for now.