Over the past couple of days, I’ve seen yet another bunch of people talk about re-pledging and shared security as if “security can be used infinitely.” To be blunt, compounding yields makes it all too easy to layer on the same delusions. If you vouch for the same pool of assets in multiple places at the same time, it looks busy and active on-chain—until something really goes wrong, and then you get a whole chain reaction: penalties, depegging, and liquidity run—everything at once.

Haven’t people also been debating that ETF fund flows + US stock risk appetite determine crypto’s rise and fall? Once sentiment heats up, everyone’s even more willing to add leverage and stack extra returns… But for now, I’m actually going to focus first on abnormal transfers, approvals, and contract upgrades. I’d rather make a little less—so that “shared security” doesn’t end up turning into “shared risk” later. That’s it for now.