Recently, I've been focusing on LST and the returns from re-staking. The more I look at it, the more I feel it's not "something falling from the sky." Basically, it's like splitting a single safety margin into several small tickets for sale. The layer of LST is still fairly straightforward: staking rewards plus liquidity premium, which looks pretty smooth when the market is stable. Re-staking is even more like lending out the "trust" of the same asset multiple times; the returns come from service fees and incentives, but the risks also stack up: joint liability penalties, contract issues, black swan events involving nodes/intermediaries. If something really goes wrong, it might not just be a small loss but a simultaneous collapse.

These days, the NFT royalty debate has been heated, and it feels quite similar: everyone wants smoother liquidity but also hopes creators/participants keep earning money. But money has to flow from somewhere; it's impossible to have both "zero friction" and "everyone's income steady." Anyway, I now prefer to eat a little less rather than risk stacking multiple layers as a fixed salary... I was educated after a previous misjudgment, and I still remember it.