These days, I've seen a bunch of people talking about LST and re-staking.

Honestly, what I care about most is: who is actually paying for these yields?
LST is easier to understand—it's basically staking rewards minus various fees;
but re-staking often feels more like "renting out security," with the source of income coming from subsidies or fee sharing provided by other protocols/services as endorsements.
It looks pretty good in the short term, but in the long run, you have to ask: if the subsidies stop, what's left?

Risk is actually easier to be overshadowed by emotions:
On one side, there's the contract/node/punishment mechanisms layered together, and on-chain it looks like the same asset, but in reality, it's like being "borrowed out" multiple times;
on the other side, there's liquidity and de-pegging.
Usually, everything's fine, but when a real issue occurs, everyone rushes to the door.
Recently, before and after that mainstream public chain upgrade, people in the community have been speculating whether the ecosystem will migrate.
I'm even more cautious about these moments when "narrative shifts, and funds take a turn"...
Anyway, I prefer to take fewer risks now than wake up in the middle of the night to find out that the risks have stacked up.