Recently, I was asked again where the returns from LST/re-staking come from. Basically, there are three layers: the "land rent" from the underlying staking, plus the incentives provided by the protocol (early on it was quite attractive, but also the least stable), and finally the service fee paid by others for "renting" the security. It sounds like an extra salary, but in fact it also adds a new chain of responsibility...

Don't pretend not to see the risks: LST itself has de-pegging/liquidity pitfalls, and re-staking is more like using the same collateral to do multiple jobs. If something goes wrong, everyone is liable—contracts, penalties, the operator running away—no one is exempt. Recently, with L2s arguing over TPS, fees, and subsidies, I’ve become even more cautious: the louder the subsidies, the more it often indicates that the "real cash flow" in the returns is not high.

My current approach is a bit rough: split the positions into smaller parts, keep some native assets as "backup," so that if there’s any sudden change, I can quickly withdraw without risking everything at once. For now, that’s how I do it—gradually build, don’t rush to become rich overnight.