Recently, I've seen everyone talk about re-staking, shared security, and layered yields, which all sound quite attractive, but I always feel like many people are stacking illusions… To put it simply, you're packaging and selling the same risk twice; when something goes wrong, it’s not a “slow process” of liquidation, but a run on the bank.

What exactly do you earn from re-staking?
It's about you being willing to amplify tail risks and pretending not to see it.

Especially now, with RWA, U.S. Treasury yields, and on-chain yield products often compared together, I understand the desire to find something “stable,” but once on-chain systems encounter oracle, liquidity, or contract issues, the trigger threshold doesn’t show mercy. Anyway, when I do lending, I only focus on two things: leave room for the collateral ratio, and calculate liquidation thresholds based on the worst-case scenario. Gaining a few extra points in yield isn’t as good as sleeping soundly.