Recently, looking at on-chain data, the APYs of those LSTs look pretty good, but I always feel a bit uneasy. To put it plainly, most of the returns from re-staking incentives come from protocol token rewards, not cash flows from the underlying DeFi—so it kind of feels like a castle in the air. On the risk side, besides smart contract risk, I’m more afraid of “re-staking nodes” misbehaving and getting punished; slashing is definitely not something to mess around with. Didn’t people recently keep complaining that miners/validators’ income mostly relies on MEV, and that ordering fairness is also being scrutinized? If nodes in re-staking also play that game, retail users may not be able to avoid it. Anyway, I’ll just test with a small position to see the fee structure—talk again next time.