Recently, someone asked me again where the "extra profits" from LST/re-staking actually come from. To put it simply, one part is splitting the original staking interest into certificates and using them elsewhere, which looks attractive when stacked; another part is actually you taking on more risk for the system: contract risk, liquidation/de-pegging, the probability of penalties and confiscation during re-staking, and when liquidity suddenly worsens, you can't easily run away.

I usually just watch the tides: where large holders are stacking LST, which pools suddenly deepen or shallow, and I can basically guess what everyone is betting on. Thinking about it later, it’s quite funny—profits look like “free gains,” but they’re actually exchanged for risk, just not as straightforward.

By the way, recently, the disputes over privacy coins/mixing coins and compliance are also quite divided—one side complains about too much regulation, the other fears stepping on landmines... Anyway, I prefer to take it slow myself; I’d rather earn less than wake up one day to find the rules have changed.