Recently, I've been looking at LST/re-staking again, to be honest, there are only two sources of profit: one is the original staking inflation/fees, and the other is renting out "security" to get subsidies. The second one sounds attractive, but the evidence chain must match: who is paying the money? When new L1/L2 pulls TVL to incentivize, many times it's the project team spending money to buy security and data, and it's normal for old users to complain about "mining, selling," and when subsidies fade, it can easily turn into chaos.

The risks are also very straightforward: stacking leverage and contracts, if one on-chain link fails, it's not just a loss of yield, but systemic failure. There's also liquidity and redemption windows, which don't show much in normal times, but when a run happens, they can get stuck... I now prefer to take less, prioritizing understanding the exit path and who will be the last to pay the bill. That's all for now.