Recently, I've seen a bunch of proposals for re-staking / shared security, basically just renting out the same security multiple times. The returns stack up nicely, but don’t get caught up in the illusion. You think you're earning more interest layers, but you're actually taking on more tail risk, and when something goes wrong, they won't break down the compensation by "layers."

The testnet incentives are the same; everyone talks about "product experience," but in reality, they're just calculating points. Whether the mainnet will issue tokens or not is like reading tarot cards... I even checked on the chain last night, and a certain re-staking pool suddenly had a few small transactions of 0.1, clearly just interaction spamming, which seems quite real.

Now I look at proposals by first checking three things: who has the voting power, who takes the transaction fees, and who bears the risk in case of an accident. If these aren’t clearly written, no matter how high the returns are, I’ll pretend I didn’t see them. I’ve seen enough voting tug-of-wars anyway. That’s all for now.