Just now my phone popped up a red dot again: Someone's re-pledging and sharing security for "annualized stacking fun," making me almost think I missed out on a life opportunity... Calm down, to be honest, the returns can be stacked, but so can the risks, and they can also create illusions: you think you're earning more interest, but actually you're just swapping the same underlying risk into a different shell and pledging it multiple times.

Recently, someone also linked ETF capital flows, U.S. stock risk appetite, and the rise and fall of the crypto market, which sounds quite reasonable, but don’t forget that once something goes wrong with the "shared security" on-chain, it won't hold back just because the NASDAQ is green or red. Anyway, I only ask myself two questions now: where does this yield come from, and in the worst case, would I still be willing to face my position when I wake up? That's all for now.