I looked into LSTs and re-staking materials last night, and the more I read, the more I feel that the returns basically boil down to two things: one is genuinely people paying for security / ordering rights / services (you bear the risk for them); the other is actually "subsidies" or valuation premiums supporting it, which looked very attractive early on. The risks are also pretty straightforward: penalties and discounts on the underlying staking layer, and layering re-staking adds another counterparty and rule change risk. If the contract/operation goes wrong, you simply won't have time to react. Thinking about the inflation + studio + token price spiral in chain games, it feels quite similar: if the main source of returns relies on new money and incentives, it will eventually shift from "steady" to "why are you still here." I'm now more willing to treat these as files to keep, and only after backtesting can I clearly explain the cash flow sources—anyway, there's no rush.