Recently, someone asked me again what LST/re-staking is really about... To put it simply, the returns don’t fall from the sky; most of it comes from: someone willing to pay you for "borrowing safety/liquidity," or the protocol itself subsidizing. Subsidies look attractive, but what I, the night-shift cat, fear most is that once the subsidy stops, the TVL will drop faster than I wake up.

The risks are also quite straightforward: one layer is the contract/upgrade (the admin can change parameters without you knowing), another layer is liquidity (exit queue, slippage), and a third layer is "stacked collateral" that repeatedly promises the same assets, which could lead to a run if something goes wrong. I just tried the redemption path with 0.002 ETH, and it froze for over ten seconds, making me start thinking about the worst-case scenario... Anyway, I’ll split my positions to avoid putting my sleep at risk of being re-staked.

By the way, a quick rant about recent social mining and fan token schemes—"attention as mining." It sounds like a source of income, but it’s actually more of a risk: once the hype fades, all that’s left is unlocking and selling pressure. That’s it for now; I’ll keep an eye on the alerts.