Recently, I've seen a bunch of discussions about re-pledging/sharing security again, basically "using the same collateral for multiple purposes." The compounded returns look pretty attractive, but don't get carried away and add illusions: the risk isn't gone, it's just sliced into smaller pieces and hidden. When something goes wrong, it won't be as you imagine—"shared" risk, more often than not, crashes together.

My current habit is: when I see "extra yield," I first assume it's "extra responsibility," then I review audits and conduct post-mortem analysis to see how similar structures have failed in the past. It's not that I have a natural cautiousness; it's just that I've been educated by the market, and when my OCD kicks in, I build a small spreadsheet to record evidence... Anyway, it's better than crying after the fact.

By the way, the NFT royalty debate also seems quite similar: everyone wants creator income and secondary liquidity, but the reality is, if you take a little more, others' incentives decrease. Yields can be stacked, constraints can be stacked too. In the long run, those who survive are not necessarily the best storytellers, but those willing to write down the worst-case scenarios. That's all for now.