Recently, I’ve seen a bunch of people spamming an “unlock calendar,” acting like the market is going to get dumped tomorrow… Anyway, I’ll hold my emotions in check for now. With LST, to put it plainly, the returns mainly still come from that bit of “normal interest” from the underlying staking, plus a little extra incentive. If you restake again, it’s even more straightforward: you’re selling the same piece of security again—where does the money come from? Either the protocol subsidizes it, or someone genuinely is willing to pay for that security; the former burns through quickly, while the latter has to be verified slowly. The risks aren’t mysterious either: the more layers you stack, the more places things can go wrong (contracts, oracle prices, penalty rules, liquidity). When you run into a period of concentrated exits, even a small wobble in the LST price can look pretty bad. Low-frequency players will just say one thing: don’t treat “annualized yield” like a paycheck—stay more stable.