Recently, someone asked me again whether re-staking and shared security are truly "illusory profits." My personal feeling is: stacking gains is fine, but the illusion of stacking is very dangerous. To put it simply, if you use the same security to back more systems, what you’re really increasing is the "risk of being penalized" and related risks, not creating an additional layer of moat out of thin air. No matter how beautifully the protocol is written, the key still depends on the penalty conditions, who can trigger them, and how strong the correlation is when something goes wrong… Ignoring these just means you're only excited about annualized numbers.

A colleague also complained a couple of days ago: expectations of rate cuts sometimes lift risk assets, and other times they swing along with the dollar index. It feels like market sentiment is more about pricing than technical analysis. Anyway, I now prefer to think of re-staking as "selling insurance + outsourcing," accepting orders is fine, but don’t see yourself as a perpetual motion machine; both position size and expectations need to be scaled back. That’s all for now, I’ll watch and see gradually.