These days, I've been looking at LST/re-staking again. To put it simply, the main sources of profit are still twofold: one is the "hard work fee" from native staking, and the other is selling security again to other protocols (service fees/incentives). It sounds like a side quest stacking buffs, but the risks also stack: contract issues, penalties and confiscations, liquidity runs, plus an additional layer of "who endorses whom" confusion—if something goes wrong, it’s all in one pot.

By the way, I want to complain about on-chain data tools and tagging systems; sometimes they are really lagging, and can even be misleading by being manipulated to set the rhythm. A few days ago, I impulsively followed a tag called "smart money," but later I found it didn’t match the on-chain transfer rhythm, so I unfollowed it in reverse… I trust the data, but don’t blindly believe in tags. Anyway, what I care more about now is: who is actually paying the returns, who is covering bad debts, and whether the exit channels are smooth.