After looking around today at re-staking projects, I’ll say this: the return sources are, basically, LST staking rewards plus additional incentives. And then, you also get some expectations of airdrops thrown in.

But the risks are just as obvious—smart contract vulnerabilities, liquidity squeezes, and that kind of “mine-to-withdraw-to-sell” pain when the coin price drops. Long-time players understand it all. When a new L1/L2 starts pulling up TVL, existing users complain, “Here comes another round of cutting the grass for new scalpers,” and it’s true—many projects rely on incentives to prop up the numbers. Once the incentives stop, the TVL falls like a waterfall.

As for me, I trust data more. On-chain net inflows and trading volume can’t really lie. My intuition is that this kind of thing is easy to get carried away at the tail end of a bull market.

That’s it for now. I’ll keep staying in cash and wait for certainty. “Mouth-strong kings” are me.