Recently, I’ve been seeing a bunch of “yield stacking” again—re-pledging/reusing capital to “share security.” Plainly put, yield can be stacked, but so can the risks; people just don’t like to do the math. On the surface, it’s about getting a few more layers of points/incentives, but underneath, it’s really the same collateral backing more and more commitments at the same time: on one side, there’s the validation/punishment mechanism (if you truly get punished, it’s an actual, coin-for-coin loss); on the other side, there’s liquidity and exit windows (the hotter it is, the more crowded it gets). And when prices start to swing, the liquidation threshold can suddenly feel very close. When you see the interest rate curve flatten and the health of the lending pools start to look shaky, you know “safety” is not the same thing across different protocols at all. Recently, during those extreme funding-rate situations—when people in the group are arguing “is it time to reverse” or “keep squeezing the bubble”—my feeling is this: the more exaggerated the rates, the easier it is to stack up the illusion that “high yield = high certainty.” But you should instead ask yourself whether you can make it out alive in the worst case. For now, that’s it.