Do you think this circle is a bit crazy now... Yesterday, people were arguing about which L2 has better TPS, lower fees, and more attractive subsidies, and today the group is talking again about re-staking and shared security. It feels like everyone is treating "stacking yields" as stacking Buffs.

I actually quite like the idea of shared security, like lending out trust, which can also help the chain avoid some detours. But when the returns are stacked layer by layer, don’t also stack the illusions: you might think you're earning interest, but you could actually be holding a ticket to tail risk. No matter how romantic the audit report sounds, bugs can still be very realistic... Anyway, I have one principle now: if you don’t understand where the risk comes from, just assume it’s already here.