My phone just flashed another red-dot push notification: “Re-staking annualized ××, shared security can be stacked one more layer”… I almost clicked without thinking to add more, but then I realized—this isn’t “free” interest handed out, it’s reusing the risk of the same collateral. You think you’re taking home an extra reward, but in reality you’re folding the probabilities of liquidation, penalties, and chain reactions into the same lump of dough, and the faster it ferments, the easier it is to collapse.

Recently, new L1/L2 projects have been coming out hot, blasting incentives to drive TVL. In the group chat, older users complain about “digging, selling,” and I get it… Incentives are like setting the oven temperature too high: the surface turns golden, but the inside might still be raw. Anyway, right now when I look at the interest rate curve, I first focus on the term and how hard it is to exit, then the returns. I’d rather go slower—at least don’t let yourself be carried away by notifications.