Lately I've been looking into re-staking and shared security again. Basically, it's about splitting the "security" of the same collateral and selling it multiple times. The returns look very impressive on paper. But my backtesting experience tells me: while returns can be compounded, what’s added is often correlation and tail risk. Don’t mistake "an extra layer of protocol" for "an extra layer of moat." Especially when the reward structure changes or the reduction rules are triggered, the drawdown might not be linear.

And now AI agents, automated trading, and similar things are also popular. Everyone talks about "letting robots handle on-chain interactions," but I care more about: what permissions do they actually have, what do they sign, and how do they rollback if they fail? Anyone can boast about the narrative, but nobody wants to dig into the security details, which is really frustrating... Anyway, I currently only dare to try small positions, do it manually when possible, and avoid also falling into the illusion of compound interest.