Recently, many people have been asking me where the "profits" of LST and re-staking come from. Basically: you take the safety margin you originally staked and use it to endorse other systems, and others give you some rewards as a "tip of appreciation." Sounds great, but it also packs in risks: penalties or confiscation on the underlying chain, LST de-pegging, issues with the smart contracts/operational teams of the re-staking layer, or even you recklessly granting permissions and signing transactions to chase higher yields—ultimately, it's not just losing profits but directly losing your principal.

In the past couple of days, another wave of memes and celebrity calls has swept through, attention shifting rapidly. Veteran players are shouting "Don’t take the last baton," and I wholeheartedly agree. The same principle applies: the more the yield seems like "easy money," the more you should ask who’s footing the bill and who you’re risking to cover. Anyway, I have only one rule: accept lower yields if necessary, but master signing and permissions first; otherwise, no matter how high the APY is, it won’t save you from that theft.