Recently, I saw a bunch of people discussing re-staking, shared security, in plain terms, repeatedly using the same collateral to "open branches," with returns stacking up, but the risks haven't disappeared—they're just temporarily hidden from view. When something really goes wrong, chain liquidations will be like dominoes; it's hard to say which end will blow first.

Over on Layer 2, they're still arguing about TPS, fees, and ecosystem subsidies. The more lively the debate, the more I want to reduce my positions... When subsidies are high, liquidity is like a tide; when it recedes, it recedes even faster. Anyway, I'm currently "patching" my strategy: less leverage, higher collateralization ratio, and don't put the same asset on too many protocols—small tweaks to stay alive for now.