Recently, I keep seeing narratives about re-staking / shared security, with headlines getting more and more elaborate, like "Security equals profit" and "One fish catches multiple benefits"... I almost want to become an editor for them. Frankly, stacking yields is definitely satisfying, but don’t accidentally stack illusions along with it: you might think the same security is being "reused," but more often it’s the same risk being "copied," with chain reactions involved.

And then there’s that wave of interpreting ETF capital flows, U.S. stock risk appetite, and crypto market rises and falls all together, sounding like “Today’s green is because the neighbor is coughing.” I now mostly keep some experience tickets, and before participating, I ask myself: where does this yield come from, and who am I ultimately backing when things go wrong... just like that.