Recently, I've been looking into re-staking/sharing security again, with returns stacking upon returns, seemingly very attractive on the surface. Honestly, many times it's just an illusion of "I believe others will believe too" being layered on top. Security doesn't grow out of nowhere; in the end, someone is still bearing the tail risk, just packaged as attractive APY and a bunch of checkboxes.

New L1/L2 incentives are launched to attract TVL, and old users complain about "mining, selling," which I can empathize with: you think you're participating in ecosystem development, but in reality, you're more like creating a temporary parking lot for liquidity—once the doors open, everyone runs away.

What I fear most isn't slowness, but chaos—at least with slowness, the accounts can be calculated clearly; with chaos, everything relies on stories to hold it up. Anyway, right now, when I look at these projects, I focus on two things: whether the protocol is truly profitable, and how well the "switch/rebuy" is written—who can press it, and when. That's all for now.