Lately I’ve been looking at re-staking/shared security again, and the more I look, the more I feel: yield stacking is fine, but don’t casually stack the illusions along with it. Put plainly, you’re using the same collateral to vouch for more systems—what you fear most isn’t “earning less,” but when a certain chain or some middleware goes wrong, liquidation and forfeiture come one after another, not just once. The probability isn’t zero; it’s just something you can’t see in normal times.

Over these past couple of days, new L1/L2s have started handing out incentives again to pull up TVL, and I can understand the complaints from longtime users in the group about “mining, selling, and dumping.” Incentives push the headline APR higher, but once gas gets congested and the transaction bundling cadence gets messy, on-chain behavior becomes especially impatient—and when it’s time to exit, it feels even more like a stampede. Anyway, I don’t really trust the PPTs when assessing projects anymore. I’ll focus first on the forfeiture rules and the exit queue; whether you can make it out alive matters more than squeezing out a bit more yield. That’s it for now.