Have you guys also been getting hammered lately by the script that “re-pledging = free gains,” and finding it a little annoying? I’m crunching on potato chips while watching the on-chain stuff, and it feels like a lot of people just stack up the returns as easily as they can—and also assume safety is something you can stack, too. To put it bluntly, it’s kind of a stacking illusion.

Sharing safety sounds great: one pot of collateral standing guard for multiple systems. But when things really go wrong, the risk might be shared as well—maybe even in a contagious, spreads-like-a-virus way. If the route is a bit more roundabout and there are more layers of contracts, when a problem happens you won’t even know who to blame. In the end, you might just be left with “oh, so I’m also part of the liquidity.”

Over the past couple of days, I’ve also been seeing everyone use ETF capital flows and the U.S. stock market’s risk appetite to explain all the ups and downs. I’ll take a look too, but I always feel like it’s best not to treat macro narratives like a protective charm. Anyway, for me: the returns look so tempting that I can’t help but want them—I still have to ask first: when a bad outcome comes, will I be able to sleep at night… for now.