Recently, I've seen a bunch of projects testing points and tasks on the testnet. The most heated discussion in the group is whether the mainnet will issue tokens. I got curious and checked the on-chain routing and transaction fees, and found that a lot of liquidity is actually being driven by various restaking/point pools, jumping around, with the fee structure becoming a bit strange... Basically, it seems like everyone is competing for "layered buffs," not actually using the network.

I'm not opposed to restaking and shared security itself; it reuses idle security, which makes logical sense. But when the returns stack up, people tend to forget the risks and correlations: if the same underlying layer has issues, or if the penalty rules change, or if there's a vulnerability in the bridge/contract, it could be a total wipeout all at once. My current approach is pretty simple: small tests, clearly understand the exit timing and penalty conditions, and if the fees/incentives mainly rely on expectations, treat it as if it could shut down at any time—don't mistake the illusion for annualized returns.