Recently, I've been looking at the wave of re-staking/shared security again, and the returns look like they keep stacking up, making my hands itch. But honestly, security is also about "reuse"; when the underlying shakes, everything above resonates together. Don't automatically mistake "getting more" for "being more stable."

It's a bit like using the same salary card for installment payments, money laundering, and re-mortgaging—there's a lot happening on the surface, but when something really goes wrong, it's all coming from the same pocket leaking.

Things on the macro side are also quite frustrating. When the expectation of interest rate cuts changes, the dollar index and risk assets sometimes rally together, sometimes retreat together, and the sentiment transmission on-chain is as fast as a false start.
Anyway, I'm now more concerned about exit paths, penalty mechanisms, and liquidity—stacking yields is fine, but don't let the illusion of stacking take over.