Recently, I've come across a bunch of discussions about re-pledging/sharing security, basically splitting the "credit" of the same staking and selling it multiple times. It looks satisfying to see compounded yields, but I always feel that the most easily compounded thing is an illusion: the underlying risks haven't decreased, and instead, there are more layers of contracts, governance, and liquidation trigger conditions. When something goes wrong, you might not even be able to trace where the problem originated. On the macro side, people are still talking about rate cut expectations, the US dollar index rising and falling with risk assets. The more everyone thinks it's stable, the less I dare to treat risk as a linear addition. After being hurt by impermanent loss as an LP, I become very cautious—prefer to take smaller profits and first calculate exit strategies and worst-case scenarios. Anyway, I'm most afraid of losing control: I can accept losses, but if rules suddenly change, assets get locked, or a chain of cascading liquidations makes operations impossible, that’s what keeps me awake. For now, I’ll wait and observe a few more days of on-chain data before deciding whether to get involved.