These days, I’ve been reviewing the LST/re-staking documents again. To be honest, the returns are not just falling from the sky: some come from the underlying staking consensus rewards, while many actually come from "others willing to pay for security/points/services," and some are supported by protocol subsidies. Once the subsidies stop, the true nature is revealed... I’ve been fooled by this kind of "seems pretty good" digital asset before.

The risks are also quite straightforward: after stacking LSTs, there’s the layer of penalties/misbehavior at the underlying level, then another layer if the protocol contract has bugs, and if something goes wrong with the re-staking side, it might not just be a matter of a price drop; being stuck in redemption is the most painful. Recently, I’ve heard about increased taxes and tighter compliance in certain regions, and as the deposit and withdrawal expectations worsen, I’ve become more cautious. I’d rather accept lower returns than lose some liquidity—so for now, that’s how I feel.