Recently, I saw a bunch of "re-pledging + shared security" being talked about as if it's a perpetual motion machine, with compounded yields upon yields, sounding very appealing. But honestly, many times it's just adding more risk on top, and conveniently layering an illusion: thinking that stacking a few more layers of shells makes it more stable. When the project is lively, everyone treats the announcement as the fundamentals; when real problems arise, it turns out that security is shared, and so is the blame.

Plus, lately, some regions have been tightening and relaxing regulations on taxes and compliance, causing deposit and withdrawal expectations to fluctuate. This makes sentiment even more susceptible to being driven by the "multiple yield subsidies for uncertainty" narrative. I now prefer to earn less and keep the process simple, at least I can sleep well. Let's talk again next time.