Recently, I've been looking into re-staking/sharing security again. It feels like everyone gets excited and easily treats "security" as an infinitely replicable Lego set. Of course, stacking layers of returns looks good, but the risks also accumulate—just they don’t light up on the dashboard. In plain terms, it’s repeatedly pledging the same trust.

I was a bit slow to catch on to the RWA wave. When I saw the group comparing US Treasury yields with various "stable yields" on-chain, my first reaction was: how can you all happily skip over the question of "who’s backing this" and just talk about it? Anyway, I’m currently muting governance calls until they finish their stories, then I’ll ask: where will the liquidation/forfeiture contagion spread along? If no one wants to answer, that just proves the point.