Recently, I've come across a bunch of LST/re-staking "revenue" again. I think simply: where does the money come from? The main part of LST is still mainly underlying staking rewards + (possible) MEV/fee sharing, which is straightforward; re-staking often feels more like packaging and selling "security" to other protocols, with project teams providing incentives and collecting service fees, and you get a share, but the risk also stacks up: underlying penalties/node misbehavior, upper-layer contract issues, sudden loss of incentives at higher levels, and the returns can collapse directly.

Recently, the staking unlocks and token unlock schedules have been repeatedly brought up to worry about selling pressure. I tend to consider "whether the rewards can cover potential drawdowns + how long it takes to exit" together; otherwise, even if the APR looks high, the mindset can break when the unlock window arrives. Overall, it feels like a fixed-term deposit but also like giving guarantees to others. All I can say is to watch the routing and exit queue more carefully, and don't be rushed by numbers.