These days, I've seen the hype around re-staking and shared security being blown up quite a bit, with talk of "interest stacking" and "one fish multiple eats."

My first reaction isn't excitement, but: isn't this just adding risk on top?
To put it simply, security isn't a free lunch. If you use the same asset to back multiple platforms, any problem on one side could cause everything to blow up together.

What's even more concerning is the psychology: seeing higher returns makes it easy to mistake the "possible profit" for the "guaranteed profit," and illusions start to grow.
My current approach is pretty simple: if I can buy spot, I buy spot; if I want to participate, I only put in a tiny bit; I also use options for small hedges, so I can at least sleep well.

The community is still arguing today whether the extreme funding rates mean a reversal or if the bubble will keep inflating.
I’m not guessing the direction anymore— the more they argue, the more it feels like the prelude to emotional trading…
Time to pull back my hands.
We’ll chat again next time.