Recently, I’ve seen a bunch of new projects involving “re-staking + shared security,” with yields stacking on top of each other, almost like stacking buffs… But honestly, if yields can stack, so does risk. Most people just treat the latter as air. You think you're earning safety fees, but you might actually be betting that others won’t simultaneously run into issues, won’t face withdrawals, or won’t be seized or penalized.

And then there are social mining and fan tokens, constantly shouting “attention is mining,” I have some doubts: attention can indeed be exchanged for money, but it can also bring a lot of noise and false prosperity. In the end, everyone is focused on “operating profit screenshots” rather than actually operating products. Anyway, when I look at re-staking projects now, I first check the exit path and the worst-case scenario—whether I can sleep well is more important than APR… Let’s see.