Just now I came across a bunch of posts about re-staking / shared security. The returns stack layer upon layer, and it looks pretty appealing. Anyway, I’ll roll my eyes first: you’re stacking the returns, but the risks are stacking too—and they’re the kind of correlation risk you can’t see in day-to-day life, but when something goes wrong, they all blow up together. Put simply, taking the same collateral and using it to back more systems isn’t “making a bit more.” It’s more like “signing multiple joint responsibilities.”

Recently, hardware wallets have been out of stock, phishing links are flying around everywhere, and people’s security awareness has finally improved. But many folks still treat “protocol-level risks” as if they’re just air… My own approach is very simple: keep positions small, keep the term short, don’t mix margin with long-term positions, and don’t grant authorizations if you can avoid it. Stacking returns is fine—just don’t stack false impressions, too.