Recently, I've seen everyone talk about LSTs and re-staking, and it feels like many people are treating "an extra layer of yield" as free air. To put it simply, the yield either comes from someone actually paying (MEV, service fees, re-staking helping other systems cover subsidies), or it's just pushing the risk further back, hiding it in complexity: the same collateral being repeatedly used as collateral, which on-chain looks like tokens, but fundamentally is trust in "a set of rules + a bunch of people not acting maliciously."

The risks are also very straightforward: redemption queues, penalty/reduction rules, contract upgrade permissions, node/operator recklessness, and the surprise slippage when packing order and failed transactions pile up together. When incidents like cross-chain bridge thefts happen, my first reaction isn't "another yield channel is gone," but rather "this dependency chain has another break point." Plus, after the oracle anomalies, everyone collectively "waits for confirmation," which essentially means there's an implicit reliance on human consensus on-chain as a safety net... You need to clearly explain where the yield comes from and where the risks are, or you're just trading complexity for sleep.