Recently, I've come across a bunch of projects that involve re-staking / shared security, with yields stacking one on top of another. It looks pretty good, but I always feel like the illusion of "security" being stackable is too easy to fall for. To put it simply, if you repeatedly use the same collateral to back different promises, the underlying assets don't change, but the commitments increase. When problems arise, everyone rushes to exit together—whoever runs first survives.

Moreover, recently some regions have tightened or loosened regulations and taxes, causing deposit and withdrawal expectations to fluctuate accordingly. The market sentiment is even more eager to chase stories of "high yields that can cover everything"... I'm a bit tired of it all, but I'm still watching. First, I’ll break down my positions into smaller parts, and only engage with those who understand the risk boundaries. Otherwise, I’ll just pretend I didn’t see anything.