Re-pledging this set of "shared security", to put it simply, is selling the same sense of security multiple times; the profits look like stacking fun, but the risks are silently stacking too, only everyone prefers to focus on the APY shining side. Don't forget that if the underlying assets encounter problems, the several layers hanging above are not dispersed, but pulling you down together.

Recently, someone has been using large on-chain transfers and moving funds between hot and cold wallets of exchanges as "smart money signals", which made me want to laugh a little: whether it's smart or not, first of all—this thing can maximize emotional leverage. Anyway, when I look at staking projects now, I first check how liquidation/forfeiture rules and parameters are changed, and consider the yields as a bonus, not the main course.