Lately I've been looking into re-pledging/shared security schemes, basically using "security" as building blocks to stack yields.


Stacking and stacking can easily create illusions: seeing APR increase layer by layer, but the actual risk is also a layered nested doll.
If the underlying asset has a hiccup someday, everything above will shake.

I'm just a night owl monitoring perpetual funding rates and large on-chain transfers.
Last night, I saw a few large transfers moving back and forth, and I started to get a bit suspicious:
Is this a real demand, or are people just looking for the next "on-chain yield" sugar rush?
They still love comparing RWA, US bond yields, and on-chain yield products... but no matter how much they tinker with US bonds, they probably won't suddenly get slashed.

Anyway, I open positions as casually as ordering takeout, but I’ll hold off on this kind of "yield stacking" for now.
I'd rather miss out than get caught with my mouth too full.
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