Recently, someone asked me again where the returns on LST/re-staking come from... Basically, it's just taking the "staked tickets" and "security endorsements" and continuing to put them to work, with the underlying consensus rewards plus various protocol subsidies/points/fees stacked together, which looks pretty attractive. But after watching the funding rates and open interest for a while, it increasingly resembles emotional leverage: you think you're earning stable interest, but in fact you're exposed to a series of correlation risks. On-chain runs, de-pegging, re-staking repeatedly promise the same collateral, and when something goes wrong, everyone rushes to exit together, no one can escape quickly. Someone even complained to me, "Didn't you say you wouldn't touch high-risk stuff?" I replied: I want to, but seeing the returns makes me itchy... Anyway, I only dare to try small positions now; if I lose, I’ll just follow the old rule and stop for a week. By the way, the fuss about NFT royalties is quite similar—everyone wants creator income but also wants liquidity, and in the end, the pressure pushes everything to the secondary market and the edges of the rules.