In the past, whenever I saw the words "re-pledge/shared security," I would automatically think: security can also be packaged for takeout, and I can earn extra income along the way. Now, after being rug-pulled twice, I’ve learned my lesson: earning returns can indeed be compounded, but don’t also compound illusions... To put it simply, you are splitting the same risk into several layers of wrapping paper.

Recently, the new L1/L2 incentive programs to attract TVL have come again. A senior member in the group complained about "mining, selling, and dumping," and I surprisingly felt a bit reassured: at least everyone still remembers that incentives are not cash flow. Now I’m testing the waters with a small position, first understanding the points like confiscation/unlock/node permissions—those "who can move my money" issues. If I can’t earn, so be it. Don’t comfort yourself with "shared security" and sleep better.