I’ve been asked again recently what LST / re-staking is actually worth… Put simply, the bulk of the returns still comes from the underlying staking yield plus protocol subsidies and/or points. The latter part is more like “buying expectations,” not money being printed out of thin air. The risks are also pretty straightforward: one layer is the hard risks like contracts, custody/escrow, and forfeitures; the second layer is liquidity squeezes—when everyone gets nervous, they sell together, and LST discounts can widen faster than you think. In the group these past couple of days, rumors about stablecoin regulation, reserve audits, and de-pegging have been flying around. I actually treat it like a sentiment thermometer: the more people are watching to see whether it will de-peg, the more I want to confirm the signal of any real redemption pressure on-chain. Anyway, I don’t chase the highest annualized returns myself; I’d rather map out the drawdowns and exit paths first.