Over the past two days, I’ve been seeing a bunch of project task promotions around re-pledging / shared security. Put simply, it’s the story of “you can stack the yields one more layer.” It sounds pretty satisfying, but I’m a little worried that what I’m stacking isn’t returns—it’s illusions: that underlying sense of security gets chopped up and divided into several parts. When things really go wrong, who takes the first hit, and who ends up taking the blame last—think it through carefully and it’s enough to make my head spin.

Meanwhile, people outside are still using ETF capital flows and U.S. stock risk appetite to explain crypto’s ups and downs—I’m just watching for fun… Once a macro narrative heats up, it’s easier for everyone to believe the idea that “rising prices = the model is correct.” Either way, when I do “farm” tasks, I stick to my boundaries: I do the tasks I can, I don’t give out permissions casually, and if the lock-up period is too long, I wait. Returns can come slowly—just don’t stack illusions.