Lately, I've been seeing everyone talk about re-staking and shared security, with an excited vibe of "the returns can be layered even more." I want to pour a little cold water: stacking returns is fine, but don't also stack illusions along with it. To put it simply, using the same underlying risk as collateral multiple times might look smooth on the chain, but when something really goes wrong, it could be a series of failures sliding together.

Especially now, with spot/derivative funding rates reaching extremes, the group is starting to argue again—"Is it about to reverse or just keep squeezing the bubble?" I'm actually more interested in: who is quietly withdrawing liquidity, and who is still stubbornly leveraging. Shared security sounds like "everyone banding together for more stability," but it could also turn into "everyone trembling together." Hmm... that’s pretty hard to handle.

Recently, I’ve been just an observer myself, preferring to eat less rather than mortgage my sleep. That’s all for now.