Recently, I've seen a lot of people discussing re-pledging and shared security. Basically, it's about repeatedly using the same collateral to "open branches." The returns look stacked up, but the risks haven't disappeared; they're just temporarily hidden from view. When a real problem occurs, chain reactions of liquidations will be like dominoes, and it's hard to say which end will blow first.

Over on Layer 2, people are still arguing about TPS, fees, and ecosystem subsidies. The more heated the debate, the more I want to shrink my positions... When subsidies are abundant, liquidity surges like a tide; during a retreat, it recedes even faster. Anyway, I'm currently "patching" my strategy: reduce leverage a bit, increase collateralization ratio, and don't put the same asset on too many protocols. Small tweaks and repairs to stay alive for now.