Lately, people have been asking again about LST/re-staking—where exactly does the “yield” come from. To put it bluntly, the big portion doesn’t fall from the sky. It comes from people being willing to pay for security/liquidity/narrative: protocol subsidies, points, and occasionally a bit of real transaction fees. It sounds pretty good, but the risks are very real too. The underlying staking system is still there; you just add a layer of contracts, then another layer of reliance on someone else’s promises. Where a bug shows up, which party changes the rules, or on which day the subsidies stop—all of that could collapse together.

Airdrop season makes it feel like it’s “everyone clocking in.” The stricter the anti-bot (anti-witch) measures on the task platform, the more the points system feels like work… After I lowered my expectations, I actually feel more relaxed: if I can get something, I take it; if I can’t, I don’t treat it like a salary. Anyway, what I care about now is whether it’s smooth when I exit, not the annualized rate shown in a screenshot. For now, that’s it.