Recently reviewing materials on LST and re-staking, the more I look at it, the less mysterious the returns seem: part of it is the inflation/fees from staking itself, and a lot of it is actually "extra risk compensation"—taking the same collateral to back more commitments, with project teams using subsidies or fees to buy your confidence. Simply put, where the returns come from depends on who is paying and for how long; where the risks come from depends on who bears the brunt first when things go wrong—contracts, oracles, penalty mechanisms, even governance decisions made on a whim—all of which can go wrong. Recently, hardware wallets are out of stock, and phishing links are everywhere. In times like these, I become more cautious: the less I sign, the better; first, keep the assets alive, then talk about leverage and returns... Anyway, backtesting shows that those who survive longer have a higher success rate.