Recently, I keep seeing everyone discussing LSTs and re-staking. To be frank, I’ll start by asking myself one question: who is actually paying for this “extra yield”? The LST side is relatively straightforward—staking rewards plus a little liquidity premium. But when you really run into on-chain congestion, when redemption queues build up, and when prices trade at a discount, you realize that being able to leave “any time” actually depends on market mood.

Re-staking is even more like putting the same sense of security out for side work. The sources of returns often come from incentives offered by new projects, or from protocols that are willing to spend money to buy endorsements. The risks are also pretty straightforward: if something goes wrong with the contract, if you can’t make sense of the penalty and seizure rules, then all the related risks end up landing on you at once. Recently, public opinion has been interpreting ETF capital flows together with the U.S. stock market’s risk appetite—no matter whether people are bullish or bearish, it’s been lively. But what I care about more is this: when the hype fades, how much of those incentives will remain? Anyway, I’m just trying it with a small position for now—if I can sleep at night, that’s enough. That’s it for now; I’m going to make some tea.