These days I see a bunch of people talking about LSTs and re-staking again, honestly, the returns can't just appear out of nowhere: either it's the basic rewards + fees at the consensus layer, or someone is paying you a risk premium (using your collateral to exchange for safety/liquidity), or it's new protocol subsidies burning money to buy growth. I envy those who dare to go all in; I really admire their big hearts, but when I reach out my hand, I start imagining "bridge stuck / contract bug / redemption queue," then I calm down and pull back...

The risks are pretty straightforward: LSTs themselves add a layer of "who is helping you custody and settle," and re-staking adds another layer of "who are you selling this safety to." Once something goes wrong, it might not be a price drop, but inability to redeem, or slow devaluation eating away at you. Recently, during extreme funding rate times, whether the community argues about a reversal or continues to pump the bubble, I just keep an eye on large transfers and abnormal authorizations on the bridge. I'd rather earn a little less than join the chaos at the worst time.