Honestly, I’ve been looking at the LST and restaking yield structures lately. On the surface, users get staking rewards plus additional incentives, but when you break it down carefully, a lot of these projects’ “yields” actually come from token inflation or new user capital inflows. Put plainly, the Ponzi flavor is getting heavier and heavier. What worries me even more is the permissions issue—some protocols give core contract upgrade authority to a multisig or a DAO, but the backgrounds of the multisig members are unclear, and the DAO voting participation rate is abysmally low, effectively handing the key parts of the system to a small group of people. The real risk isn’t only in contract bugs; it’s also in governance being handled behind closed doors.

Between Layer 2s, there’s been a lot of noise recently comparing TPS and fees, but I think the yield model and risk transparency of restaking are the points that deserve more attention. Anyway, my strategy is to run the scripts on the testnet first and observe. Before putting real money in, I’ll first check whether the contract upgrade permissions are locked down, whether there’s a timelock, and whether it’s long enough. That’s it for now.