Just now I almost sent that ETH for re-pledging into a fake domain contract... I accidentally clicked on a search ad, and when I copied the address, I was two characters short. My heart almost jumped out of my chest. Luckily, I have a habit of checking three things first: the domain name, the first and last six characters of the contract address, and a quick look at the approval limit. Otherwise, I would have paid tuition on the spot.

By the way, let's talk about the returns from LST/re-pledging: honestly, they are not "coming out of thin air." Mainly, it's the basic yield from underlying staking plus someone willing to pay for your security/liquidity (like giving a "backing" to a new protocol). But the risks are equally clear: an extra layer of packaging means extra contract/operational risk, and re-pledging adds a "black box" feeling of "punishment/unclear attribution." The biggest fear is that the gains are not realized, and you get hit by a slashing or a vulnerability first.

Recently, during the extreme fee rate period, there was again a debate in the group about reversing or continuing to bubble. I personally care more about how, in such an environment, people tend to leverage more and are more likely to take "high returns" for granted... I now only do what I can clearly calculate the costs and exit strategies for. Keep the approval small if possible, and start with that.