In the past couple of days, I’ve been seeing people talk about re-staking and shared security again. To put it plainly, it’s “reusing the same sense of security in multiple places.” The returns look like they can stack up, but I can’t shake the feeling that the illusion will stack too… Once the funding rate gets a bit wonky, I start to wonder whether I’m once again treating risk like interest.

Especially when new L1/L2 incentives hit and TVL gets pulled up hard, veteran users in the group complain about “mining, then selling”—and honestly, it sounds pretty real. Just because you can get in doesn’t mean you can get out. Even whales moving assets around aren’t dumb; they shift to whichever side has fatter subsidies. The rest of the retail crowd just stares at the numbers on the panel and comforts themselves.

Anyway, now whenever I see the words “additional yield,” I pause first and ask: who is actually standing behind this security? And when it can’t cover it, am I the last one to find out?