Honestly, every time I see the APY figures for LSTs and restaking, I want to click in first and check how much the gas costs… Break down the sources of yield and it’s basically the same few things: staking rewards, validator commissions, and points or token subsidies from restaking projects. Put bluntly, a lot of the “high annual yields” right now are piled-up subsidies, not real cash flow. I’m not even sure I’ve accounted for all the risks here. Smart contract on top of smart contract, one layer stacked on another—if any link gets hacked or an oracle freaks out, you don’t even know who to go after. Then there’s exit liquidity: when you want to get out, you may find your ETH stuck in some pool, and low gas won’t help. Lately, people keep comparing on-chain yields with U.S. Treasuries, and I find it pretty funny… One swings by ten percentage points, while the other is a rock-solid 4.x%, and they’re supposed to be options you can put side by side? Anyway, I only use the portion I can afford to lose for restaking, and I’ll leave the rest alone until gas drops below 15.