Lately, looking at LST and re-staking, my mindset feels a bit like "version updates."

In the past, whenever I saw "an extra layer of yield," I got excited, but after being educated a few times, I realized: yield, frankly, either comes from someone paying (like protocol incentives, fees), or you’re packaging and transferring risk again.
It looks stable on the surface, but actually, it’s just exchanging more "promises" for more "notes."

The risks are pretty straightforward: the longer the chain, the easier it is for problems to occur—depegging, contract issues, liquidity getting stuck, or even rules changing before you realize it.
Re-staking sounds like "asset reuse," but I now ask first: who’s backing you if something goes wrong? If they can’t cover it, don’t pretend to be asleep.

By the way, I’ve been thinking about the recent NFT royalty disputes—it's actually quite similar: everyone wants to take a bigger cut, but liquidity is limited.
In the end, it’s a tug-of-war between yields and the ability to exit.
I’m now leaning towards a conservative update: rather earn less, than ensure the exit button really works…
That’s it for now.