Basically, re-staking is just stacking a bunch of LSTs and then telling you that the returns have doubled. Yeah, mathematically it does look pretty. But you have to ask yourself one question: where exactly does that added yield come from? It doesn’t appear out of thin air. Someone is willing to pay for “shared security”—but who is buying it now? And who is selling? I don’t know either. It just looks like a set of matryoshka dolls: layer after layer, and the risks stack up too. Honestly, what I fear most isn’t the yield shrinking—it’s that, when liquidation comes, whichever of those nested logics breaks first could be a disaster. In any case, discussing this now feels a bit like chatting at a dinner table about “I don’t like meat, I only drink soup.” The soup tastes good, but don’t really pretend you’re a vegetarian.