Lately I’ve been looking at LSTs and re-staking again. Put simply, the returns mainly come from two parts: one is the basic rewards from your original staking, and the other is that you “lend out the same trust” again—helping other protocols support their security in exchange for subsidies/points. It sounds pretty tempting, but the risks are also very direct: on-chain, it’s contracts, slashing/forfeitures, or losing the peg; off-chain, it’s everyone rushing to the testnet incentives. If the expected points disappear, or if the mainnet hesitates on whether it will actually issue tokens, liquidity will run away faster than anyone else’s—then the discount becomes hard to stomach all at once.

I’ve actually adjusted my goal down instead—I’m not chasing the “highest tier.” I’ll leave the health level a bit thicker, and I won’t fool myself about correlation… Being able to sleep at night is real efficiency. Otherwise, even with higher leverage, it’s still a gamble with your life. That’s it for now.