Recently, I've been looking at LST/re-staking and that bunch of "extra layer of yield," and I’m a bit tired of explaining it again... Anyway, money doesn’t just appear out of thin air. To put it simply, there are only two sources of yield: one is the basic staking rewards from inflation/fees, and the other is you selling the same security “again” to other protocols, earning service fees. It sounds great, but the risks are quite straightforward: if the underlying layer encounters an issue (penalties and confiscations, node misbehavior, smart contract bugs, liquidity runs), the combined risk isn’t linear; it’s a series of slips and falls if you step into the wrong spot.

Recently, everyone has been criticizing validators for taking too much, MEV, and unfair ordering. I think it’s quite honest: when yields seem stable and high, it’s mostly because someone is bearing tail risks behind the scenes you can’t see, or you’re silently being charged a “hidden fee.” I now have one habit: if I can understand the incentives, I allocate less; if I can’t understand, I treat it as a random event—don’t pretend you’re a model. That’s all for now.