Recently, I was pulled into a discussion about LST/re-staking again, honestly the returns look pretty attractive, but I've been thinking: where does the money actually come from? Some of it is from the underlying staking fees/inflation, but a lot of it is actually "others willing to pay for safety/attention," plus some incentive subsidies... When things are lively, it seems like shared security; when things cool down, it’s easy to be labeled as a yield stacking Ponzi scheme.

The risks are also very straightforward: once correlation increases, collateral drops together, and liquidation hotspots feel like they’re being set on fire; the layer of re-staking adds more pitfalls like contracts/rules/punishment mechanisms, and before a crash, it’s called a combination punch, but if it blows up, it’s a chain of explosions.

What I fear most isn’t slow progress, but chaos — I can wait if it’s slow, but if it gets messy, I won’t even have time to hit stop-loss. Anyway, I’d rather earn a little less now and have a clear retreat plan in place.