Recently, someone asked me again where the "profits from LST/re-staking" actually come from. To put it simply, it's still mainly the safety margin and fees from staking, with the rest mostly coming from external subsidies: project team distributing points, testnet incentives, ecosystem user acquisition funds. You should think of it as "advertising expenses," not interest that grows out of nowhere.

Don't pretend not to see the risks: adding an extra layer of contract increases the chance of errors, LST prices decoupling, redemption queues, re-staking facing penalties (slash) or malicious operators, and ultimately, it's you who bears the consequences. Everyone is guessing whether the mainnet will issue tokens; when the point expectations get inflated, pricing becomes easy to drift. I personally don't believe in free lunches.

My colleague just said: Isn't this just using liquidity to exchange for a blind box?… It sounds a bit harsh, but he's not wrong. My approach is very straightforward: first, figure out the exit strategy and worst-case scenario clearly. If you can't make a profit, just consider it less hassle.