Recently, I've been looking at LSTs and re-staking again. To put it simply, the returns are not coming out of nowhere: part of it is the original staking consensus rewards, and the other part is basically the incentive/service fees earned by "selling the same security again." Others think re-staking is just pressing a button twice to get more returns, but in reality, you're also taking on the tail-end risks. When something goes wrong, it’s not just losing a little profit; it could be losing the principal plus interest all at once.

As a FOMO-type player, I also get itchy hands, but now I care more about whether the source of returns is just artificially inflated subsidies, whether contract permissions are too centralized, and whether I can handle penalties, delayed exits, or de-pegging myself. By the way, I’ve been watching L2s comparing TPS, fees, and subsidies every day. It feels the same: short-term numbers look good, capital moves quickly, but after the wool is pulled, everyone just runs away… I’ll try with a small position first, and review if something goes wrong.