People keep asking me again where LST / re-staking yields actually come from… To put it simply, the basic portion still comes from staking rewards plus small, fragmented MEV. The later “added” part is often earned by taking on more risk: repeatedly authorizing the same collateral, lending/renting it out to other protocols all over the place, and when something goes wrong, it’s not just losing interest—it’s shared liability, a chain reaction.

Since I’m the kind of person who loves digging into crash timelines, when I look at re-staking I first watch two things: who’s underwriting the redemption, and who runs first when problems hit. A lot of projects market it in such a beautiful way, but once you’re really on-chain, it’s basically “wait for confirmations, wait for others not to rush withdrawals, wait until you’ve figured it out for yourself.”

These days, everyone’s guessing whether they’ll migrate before and after the upgrade of the main public chain. I just want to say: don’t rush to chase yield before deciding whether to migrate. In those hours of shutdowns or forks, liquidity thins out, and the panic is the most real… Anyway, I’ll wait for a pullback and wait until the on-chain data runs its course before making any moves.