Recently, I saw a bunch of "re-pledging + shared security" charts again, with returns stacking layer after layer, looking quite beautiful. Basically, it's just dividing the same trust into more parts and selling it to different projects. The profit comes from the yield, but the risk is the correlation: when something really goes wrong, it's not just "one lightning bolt," but a chain reaction, with everyone being liquidated together and swept away by the panic.

My instinct as a liquidity intern stepping back is: returns can be stacked, illusions can also be stacked. Especially when you can't even tell who you're endorsing, what the punishment conditions are, or who has the authority to change parameters... then don't pretend you're doing "security."

By the way, watching the group arguing about privacy coins/mixing compliance also feels similar: on one hand, they talk about "freedom," and on the other, they fear a one-size-fits-all crackdown. In the end, the bigger the grayscale, the easier it is for liquidity to run first, leaving the remaining people to discuss ideals. That's all for now.