LST and re-staking, to be honest, the returns are not just falling from the sky: either they come from the underlying staking consensus rewards, or someone is buying "security/service" (acting as collateral for other protocols, running validation, doing middleware), plus a bit of project team subsidies as sugar. Once the sugar is gone, how much remains is something you have to weigh yourself.

Don't just focus on risks like "will it liquidate," there are more layered concerns: the price peg of LST might fluctuate, redemption queues, nodes being penalized/slashed, rules changing on re-staking, smart contract issues, or even a liquidity crunch causing everyone to rush for the door... The seemingly smooth returns are actually a trade-off for several tail risks.

Attention on Meme and celebrity shoutouts is shifting again—veteran players warn that taking the last step is really not worth it: the same logic applies to re-staking narratives—when hype rises, everyone only looks at APY, not who is paying. My own approach is very simple: only engage when I understand where the money is coming from; if I don’t understand, I just ignore it, even if it means earning less.