LST, re-pledging, after watching this for a long time, I only have one question: who is actually paying the returns? They say it's to "enhance security," but basically it's just repeatedly pledging the same collateral, then packaging the potential future fees or penalty risks and selling them to you in advance. If the protocol truly has cash flow, that's fine; if not, it relies on subsidies or new money—it's still the same old trick with a different shell.

Don't pretend you can't see the risks: stacking yields on top of each other, stacking correlations as well. If the underlying chain has issues, oracles shake, contracts have vulnerabilities, governance suddenly changes rules—it's a chain reaction of explosions. Recently, retail investors complain that validators are taking too much, and MEV and transaction ordering fairness seem more like "who has the bigger fist gets to go first." Do you still expect these "extra yields" to fall from the sky? Anyway, I'm just watching whether the fee switch can truly be turned on, how much can be collected, and how the collected funds are distributed. Don't talk to me about narratives; cash flow is the hard currency.