Someone asked me where the returns from LST/re-staking actually come from. To put it simply, there are two parts: one is the real underlying yield (staking rewards, transaction fees, etc.), and the other is the incentive of “others willing to subsidize you” (project token issuance, points, attracting TVL). The former is slow but relatively solid, while the latter seems attractive, but once the subsidies stop or expectations change, the returns can evaporate quickly.

Don't just focus on the risk of “being dumped,” but more on layered risks: one layer is the smart contract, another is re-staking/AVS, then liquidity exit, and finally, an emotional layer. Recently, with social mining and fan tokens—those “attention is mining” schemes—I feel they are quite similar to the incentive logic of re-staking—much of the returns come from later attention and storytelling, not something that grows out of thin air.

My own approach remains the same: first, wait for a cup of tea’s worth of time to confirm whether I can clearly understand where the money comes from and where the losses come from, then decide whether to make a move. That’s it for now.