Lately, people have been asking again where the LST and re-staking yields actually come from. To put it simply, the core still comes from verification rewards plus MEV, and most of the rest is just taking the same staking "as collateral to earn another layer," or project subsidies and short-term incentives to boost TVL. The risks mostly stem from these areas: if the contract is exploited, if the penalty rules for re-staking layers are changed, it can cause a cascade of liquidations when LSTs lose their peg, and the most annoying part is when cross-chain/bridges have issues, leading to late-night all-nighters on weekends. It looks like earning a bit more interest, but actually it's about staking multiple chains' stability layers. By the way, the NFT royalty dispute also seems similar—creators want income, secondary markets need liquidity, and in the end, it all boils down to "where does the money come from and who will back it." Anyway, I’m just keeping an eye on risk warnings for now; I don’t dare to hold too much. That’s it for now.