Recently, everyone has been talking about LST/re-staking. Others think it's just "deposit more to earn more interest," but in reality, it's more like packaging safety, liquidity, and liquidation risks and passing them around... Where does the yield come from? Honestly, it either comes from genuinely new services paying for it (like providing "security outsourcing" to other protocols), or it's sustained by incentive subsidies. Once the subsidies stop, the scheme is exposed. The risks aren't mystical: penalties for underlying staking, failures in the second layer/re-staking layer, plus a bunch of leverage stacking up, and when the market panics, everyone rushes to withdraw. It feels similar to the "inflation + studio + coin price spiral" in blockchain games—initially lively, then entirely dependent on who takes the emotional risk. Anyway, when I see "high returns" now, I first ask: who is actually paying out the money?