The current LSDfi track is similar to a matryoshka game. The amount of pledged ETH is gradually increasing, but the growth has become saturated. Lido is a high-profile project that offers an unlimited amount of ETH to stake, but the longer you stake, the greater the losses. Bypassing Lido and staking directly on the official website will face a limit of 32 ETH. LSDfi participants and assets are limited, and pledged assets come from institutions and borrowings, which reduces security and liquidity. Many LSDfi projects issue stablecoins and establish liquidity pools on Curve, and the degree of risk is unclear. Overall, most LSDfi projects have certain risks and need to be treated with caution. LSD's liquidity is weak, and there are no obvious signs of thunderstorms yet, but if the price of ETH grows explosively, the situation may change.