LST/re-pledging this set of practices increasingly looks like "profit moving": some of it is the inherent part of underlying staking, while much of the rest comes from incentives/subsidies or from repeatedly lending out the same security to collect rent. To put it simply, profits don't grow out of thin air; someone is paying or someone is taking on the risk for you. The risks are also quite straightforward: discounts during redemption panics, one more layer of issues when contracts/routes are bypassed, and if re-pledging faces penalties/related incidents, the LST side also trembles. Recently, new L1/L2 incentives to boost TVL, and old users complain "mining, selling," I can understand... who takes over when subsidies are gone.