Recently, I've been looking at the narrative of re-staking and shared security again. Honestly, it's quite attractive: one principal, layered with two or three levels of returns. But what I'm increasingly afraid of is that when the yields compound, the illusion also compounds—assuming that "being able to earn rewards" means "risk remains unchanged." I can still calculate leverage clearly, but the interconnected risks between protocols are really hard to estimate; when things go wrong, it's a domino effect.

The recent incentives for new L1/L2 projects to boost TVL are quite typical. I completely empathize with old users complaining about "mining, selling, and withdrawing": those front-runners treat their on-paper gains as real money, while those behind see it as emotional fuel. Re-staking is like stacking Lego blocks or building a house of cards—quick to build, quick to collapse... I now prefer to eat less and use my position as a moat. Being able to sleep well is better than anything else.