These days, I've been looking at staking/reward-sharing projects again, with yields stacking one on top of another. It looks quite attractive, but honestly, don't mistake "an extra layer of yield" for "less risk"... The risks are also bundled and upgraded together. Last night, feeling a bit restless, I tried a new protocol. On the blockchain, I saw the same funds moving back and forth three times within 20 minutes, and the gas fees weren't low. The TVL has been stacked up, but I feel even more uneasy.

Plus, with recent rumors of some places raising taxes and regulatory tightening and loosening unpredictably, the expectations for deposits and withdrawals change instantly. Everyone's mood shifts from "I'm not selling" to "I'll just wait and see," liquidity gets pulled out. So, what exactly is shared security sharing... I don't really know. Anyway, I see annualized yields written very nicely now, but I assume half of it is an illusion, and I'll slowly test the rest.