Just saw someone in a group chat showing off the APY from restaking, and the yield is ridiculously high—everyone underneath is shouting “go for it.” Honestly, I’m a bit afraid.

It’s not that I don’t believe the logic—I’m also researching where LST and restaking yields come from. Basically, the yield comes from two parts: one is node operation + AVS rewards, and the other is that layer of “free-rider” premium extracted from underlying liquidity. But the question is: when you stake your assets into it, what are they actually being used for? If the incentive mechanism for the underlying AVS doesn’t work out, or if the nodes have issues, then that “extra yield” from restaking is, in essence, higher risk in exchange for returns.

Lately I keep seeing posts about staking withdrawals and token unlock calendars, and everyone’s worried about sell pressure. I’m no exception—I have some positions, and honestly my heart’s a bit uneasy. But what makes me even more anxious is that some projects package restaking as “risk-free arbitrage.” I don’t really buy that. Anyway, whenever I see posts saying things like “high yield and steady as hell,” my first reaction is: first, check whether the AVS behind it actually has real demand. Otherwise, even the highest APY is just a number.

(I don’t believe the “high yield, risk-free” talk anymore—at least on-chain, there’s no such thing as a free lunch.)