Lately I've been looking at LSTs and re-staking again, and it seems like everyone is asking "where do the yields come from." To put it simply, there are two main parts: the validator rewards for underlying staking + a bunch of "extra incentives/points/airdrop expectations." The former is relatively transparent, while the latter is quite emotional—when the market is hot, it feels like easy money; when it's cold, well... hmm. The risks are similar: contract/custody/bridge (I really pay more attention to cross-chain layers), and after layering re-staking, the risk of underlying penalties being amplified increases, leading to a chain reaction of issues.

Recently, retail investors have been complaining about validator income, MEV, and unfair ordering, which I can understand. You're essentially playing a game against these mechanisms with your "yields," and in the end, you have no control over the outcome. There are many tutorials; I usually focus on two types: one is flowcharts that clearly explain where the money comes from and goes; the other is specifically about risk boundaries and worst-case scenarios. I treat other content as just for entertainment. Anyway, I’m currently doing small tests—if I can withdraw, I do; don’t lock up liquidity.