Recently, I've been reviewing the staking/reward sharing security setup again, and everyone is arguing whether "收益叠加是不是套娃" (is yield stacking a pyramid scheme), which I can also understand. To put it simply, the underlying returns of LST mainly come from validators producing blocks; the additional part from staking more is actually you selling the same pledge "commitment" to more protocols: AVS providing subsidies, project teams issuing incentives, and some coming from the market willing to pay for security. It looks like an extra source of income, but essentially it's more like signing multiple contracts. The risks also follow the contracts: more complex conditions for penalties and confiscation, reliance on middleware/operators, liquidity discounts (it's tough when redeeming queues), plus the correlation—if one part fails, it can propagate quickly on-chain. What I care more about now is: can these subsidies sustainably cover the new risks long-term? Otherwise, it's like using short-term tokens to cover long-term gaps… Let's keep observing.