Today the weather is very stable, and there was a traffic jam on the way, the coffee I bought has already cooled in my hand... and my mind is also calming down. Recently, with the wave of pledge/sharing security, everyone is chatting excitedly about "yield stacking," but I care more about: risks are also stacking, just wrapped up as if nothing happened. To put it simply, repeatedly mortgaging the same trust could also lead to a total loss when things go wrong, it's not just "an extra layer of profit."

There’s also the modularization and DeFi layer narrative, developers are indeed excited, but the user feedback I’ve seen is mostly confusion: who exactly am I paying the security fee to, who will cover the losses, which layer’s problem is whose? I don’t predict either, just recording on-chain sentiment for now: when it’s hot, everyone thinks they’re doing a “system upgrade,” but when it cools down, they realize many are just “using complexity as a moat.” That’s all for now.