Recently, the third time my friends asked me about LST/rehypothecation and where the “money actually comes from”... I understand it as: part of it is the normal rewards from underlying collateral staking, and the other part is more like renting out “security/attention” for subsidies. It sounds pretty good, but essentially someone is paying (project teams, users, or even new hot money). The risks are also quite straightforward: the same collateral being used repeatedly, and when the chain is fine, everyone feels safe. But once there's a contract bug, penalties, or liquidity runs, everyone panics together. Plus, recently, some regions have increased taxes and tightened compliance, causing deposit and withdrawal expectations to fluctuate, making emotions shift more easily from “earning small gains” to “hurry and run first.” I now prefer to be a bit slower, willing to accept lower returns, and sleep more peacefully.