I'm currently looking at LST/re-staking with a pretty relaxed mindset: the returns basically come from two parts—one is the "work money" from native staking, and the other is the subsidies/incentives gained by lending out the same security. Where the money comes from basically determines where the risk originates—when subsidies stop, the value shrinks; when there are more protocols, there's an increased chance of being hacked, penalized, or drained, and the complex nesting really gives me a headache. I'd rather earn less and sleep soundly. Recently, watching the NFT royalty disputes also seems similar: everyone wants income, but when liquidity tightens, all the contradictions surface.