Recently, I saw a bunch of people talking about LST and re-staking again, and honestly, the returns are not just falling from the sky: some are basic interest from validation/staking, while more are like a "reselling the same security again" premium. When market sentiment is good, people are willing to pay; when sentiment drops, there's run risk, discounts, on-chain unbinding queues, all happening together.

Don't just focus on the risks of contract liquidation. LST itself has price anchoring, liquidity, and redemption times; re-staking adds layers like protocol/node/penalty rules, contract vulnerabilities, governance parameter changes—these are the "slow knives." The extra yield you get might be a subsidy for bearing tail risks.

By the way, hardware wallets are sold out now, phishing links are everywhere, and everyone's security awareness has suddenly increased... but the most common on-chain death is still just quick authorization. Anyway, I can tolerate the funding rates and liquidation hot zones, but I really can't stand seeing a bunch of unlimited authorizations. It's more practical to tighten permissions first than to study yield curves.