To be honest, I’ve been seeing a lot of discussion about LSTs and restaking lately. The yields look tempting, but if you think it through carefully, many of the underlying logic hasn’t really been explained clearly. In plain terms, restaking yield is essentially what you get by stacking an extra layer of protocol risk—so the “extra return” is a risk premium, not a risk-free gain.

Someone previously asked me why I don’t just deposit LSTs directly to earn staking rewards instead of going through more hassle. I said it all comes down to how you define “safety.”

I’m still willing to spend more time—even if it means paying one or two extra gas fees—to skim through the smart contract code audits and at least understand the liquidation mechanism of the fund pool. Recently, when a local policy changed, everyone started worrying again about deposits and withdrawals. Anyway, I’d rather wait and observe for a few more days than rush to move funds onto a chain I’m not familiar with. One more bit of trouble is better than stepping into a trap.