Recently, people have been talking about LST and re-staking again, and honestly, the returns are not just falling from the sky: some are from the original on-chain staking rewards, and most are from "selling the same security again," where protocols give you subsidies or someone pays to rent security. The subsidy period looks attractive, but having experienced several zero-outs before, my first reaction is: when the subsidies stop, who will take over? When problems occur, who will bear the losses?

The risks are quite straightforward: once the smart contract has issues, LST isn't something you can redeem just like that; re-staking is even more complicated, involving penalties, liquidity squeezes, bridges going back and forth... Anyway, the more "clever" the yield, the easier it is to turn into a chain of failures in extreme market conditions. I now lower my expectations, consider small profits as wins, hedge when possible, and sleeping well is more important than a few extra APY.

By the way, looking at the recent social mining and fan token schemes—"attention as mining"—I also have some doubts: attention is indeed valuable, but what’s valuable is the platform and project team’s monetization ability, not my enthusiasm for spamming... Forget it, I’d rather prioritize capital preservation first.