Let’s talk about a slightly interesting topic: lately, a lot of people have been asking about LSTs and re-staking—where exactly does the yield come from? Put simply, it’s nothing more than node rewards + MEV extraction + liquidity incentives. Then you can think of it as being “priced in early” one more layer: people are effectively pre-setting future blockchain revenue. But this isn’t a sure-win formula—it’s more like a probabilistic game nested within nested layers. If the rate-cut expectations shift, and the US dollar index and risk assets rise and fall together, that “re-staking champagne” inside those nested protocols can suddenly pour in the other direction. No one can guarantee the market will keep offering the same premium forever. Anyway, I personally think it’s more interesting to figure out who is bearing the delay cost and who is covering the smart-contract risks, instead of staring at the annualized yield number. The outcome depends on the expectation gap at every step—not destiny, but probability. That’s all for now.