Recently reviewing the set of pledge/share security, it's a bit exhausting but I'm still watching. Everyone talks about "compoundable yields" as if they were LEGO blocks, but honestly, many times it's just an illusion of stacking: the same risk is wrapped in multiple layers, and in the end, it still relies on fees and penalty mechanisms to settle the accounts. The subsidy period looks lively, but once subsidies stop, everyone starts passing the buck: whose security is it, and how much is its security value. By the way, looking at the L2 side's mudslinging over TPS, fees, and ecological subsidies, it also seems quite similar—numbers can be faked, incentives can be manipulated, but the real challenge is who will pay long-term, who will bear the risk. Anyway, right now I only focus on one thing: for each additional layer of yield, I first ask, "Who will blow up first when things go bad?" Otherwise, you're just treating yourself as a lab rat.