Lately, I’ve been looking at all kinds of combinations of re-pledging / shared security—stacking the returns layer by layer, and it looks pretty tempting. But I can’t shake the feeling that many people are stacking a “certainty illusion.” Plainly put: what you’re getting isn’t risk-free interest. You’re splitting tail risk and hiding it across multiple protocols—penalty conditions, correlations, the exit friction when the chain is congested… day to day, none of it is very visible, but when something goes wrong, it all rings at once.

The funding rates have been extremely volatile these past few days, with arguments in the group over whether to reverse or keep squeezing the bubble. My instinct is that it’s the same set of emotions: once you see the numbers, you want to add leverage, ignoring the “settlement method.” The same goes for re-pledging, too. Don’t just stare at APY—first, calculate the worst-case scenario as if all the triggers fire at once. Only then decide if you can accept it. Forget it—I won’t talk about how to allocate it for now. Anyway, I care more about whether I can exit alive.