These days, there's been more debate about whether re-pledging/sharing security is a "layered" scheme. I actually think the controversy itself is quite normal: earning returns that can be stacked is of course appealing, but the risks also stack up accordingly, just not highlighted in bold red on the profit page. To put it simply, repeatedly using the same collateral for "endorsement," on-chain data may look impressive, but it could just be everyone spinning in the same emotional circle. Anyway, when I look at these kinds of projects now, I focus first on the flow of stablecoins and the activity level of L2s. When the market mood is hot, I’m more inclined to fold up my umbrella... but I can't help but take a few peeks. That's all for now.