Recently, I've come across a bunch of discussions about re-staking / shared security, saying that the yield stacking is like "matryoshka dolls." I actually understand this kind of skepticism... To put it simply, where does the yield come from: either from the underlying staking rewards + fees for block production, or from new protocols subsidizing you to attract TVL (short-term sugar rush), or from you selling the risk to yourself without realizing it.

Don't pretend not to see the risks either: one layer is the de-pegging/liquidity of LST itself (most critical when you need cash urgently), another layer is re-staking to promise the same principal's "guarantee" to more places. When something goes wrong, who bears the first loss... Anyway, I feel uncomfortable when the priority isn't clear. Recently, I've been practicing not to be lured by "taking a little more," to pause when seeing complex yields, to first write the worst-case scenario into the ledger, and only proceed if I can accept it. Otherwise, just forget it.