Over the past couple of days, I’ve been a bit carried away by discussions about re-staking/reward sharing security. The returns stack up layer by layer—it looks really beautiful—but I can’t help translating it into one sentence: risks are stacking too, it’s just that everyone doesn’t like to算 them. Put simply, if you use the same collateral to背 more commitments, when something truly goes wrong, what usually fails first isn’t the “returns”—it’s trust and liquidity.

For voting/evaluation, I’m watching two things right now: where exactly the incentives come from (not something like “ecosystem subsidies”), and if penalties or liquidations happen, which layer the sell pressure will fall onto—and who will end up absorbing it. Also, the recent heated arguments over privacy coins/mixer compliance remind me: once the boundaries change, a platform can call it off at any time, and the security “sharing” at the end might be sharing liability. Anyway, I’ll first imagine adding less leverage, and leave more room for a retreat.