Recently, someone asked me again where the "profits come from" in LST/re-staking.

After looking into it, the most fundamental part still comes down to consensus: the basic rewards earned from staking, then LST turns these into tradable tokens.
In theory, you can also use them as collateral elsewhere or provide liquidity, so the additional profits often come from "someone willing to pay a premium" or "protocol subsidies to cover volatility and liquidation risks."
Re-staking is more like selling the same security again; where does the money come from?
Either new projects pay to rent security (essentially a fee), or incentives are initially pumped in.
Whether it can sustain itself later, I don't know.
Anyway, when net fund flows and active addresses drop, the market sentiment becomes very honest.

On the risk side, it's more straightforward:
One is unstable price anchoring (LST discounts, low liquidity),
another is too many layers of contracts/intermediaries (a single issue can cause a chain reaction),
and then there's the "re-staking" correlation risk.
It looks diversified normally, but if a real problem occurs, everything might collapse together.
Recently, the attention rotation driven by Meme/celebrity endorsements has returned.
Veteran players advise newcomers not to catch the last wave, which I think is quite right, especially since this kind of "easy money" structure often ends with liquidity taking the blame.

I'll go check the data first, don't rush me.