Recently, I've been reviewing the data on LST and re-staking, and the more I look at it, the more I feel that the returns aren't really "coming out of nowhere." It's either the stable interest from underlying staking, or project teams subsidizing and issuing incentives to boost TVL. In plain terms, they're using future expectations to give you current numbers. When things are lively, everyone loves to rush in; when a new L1/L2 launches an event, many people go mining, but then old users complain, "Mining is too risky, sell now"... It's quite realistic.

I thought re-staking was just stacking another layer of interest, but upon closer reflection, the risks also stack: contract risks, node/intermediary risks, lock-up periods for unstaking, and reward rule changes that can alter the game. Anyway, I'm now more concerned about "where the money comes from and whether withdrawals are smooth," and it's okay to be more cautious and slow. I'll wait until the sentiment recovers before acting.