These days, I've been studying LST/re-staking courses, and the more I look, the more I realize that the returns aren't just falling from nowhere: part of it is the original staking block rewards + tips, and another part is more like "lending out the same security" in exchange for subsidies/profits, in other words, someone is willing to pay for your risk. The problem is that the risks also stack up: contract vulnerabilities, validator misbehavior, re-staking penalty rules that are hard to understand are very intimidating, plus the de-pegging/liquidity issues of LST itself, which could lead to a chain reaction if something goes wrong. Recently, I've seen people compare RWA and US Treasury yields to on-chain yield products, and I’ve become more cautious. On-chain, it looks like interest, but many of these are actually incentives and risk premiums. Anyway, I now only dare to focus on token distribution, permissions, and penalty clauses, and I’m gradually testing with smaller positions. What I’ve learned isn’t techniques, but understanding where the money and risks come from.