Honestly, the trend of LST re-staking has been blowing up quite a bit, but I still haven’t fully figured out where the returns actually come from. Some people say it’s from running node operations and taking a cut of MEV, while others say it’s from protocol subsidies—but when you run the numbers, it just feels a bit dubious. Anyway, I won’t put my entire net worth into it. If the underlying protocol has a bug, or if liquidity suddenly collapses, then it would really become “re-stake, then back to zero.” I’m not sure whether these risks are being underestimated by everyone, but at least for now, those who are hyping it to the skies probably didn’t dare to allocate too much themselves either.

Recently, the Layer 2 crowd has been just as lively—comparing TPS, comparing fees, and comparing ecosystem subsidies—these arguments have been flying. Honestly, what users care about is whether they can use it steadily and reliably. Who has time to stare at the tiny differences in numbers every day? I guess it’s the project teams trying to make themselves known again. For now, I’ll leave it at that—once they finish their shouting match, I’ll check whether there are any trustworthy re-staking pools.