Recently, I've seen a bunch of "re-pledging + shared security" talked about as if it's a self-service buffet of yields, getting more and more attractive... Honestly, I'm a bit panicked. To put it simply, if you lend out the same collateral everywhere, you're earning the "interest spread before penalties." If something goes wrong, it could be a chain reaction of deductions, not just a single point of failure.

Forget it, to put it plainly: don't treat an extra layer of yield as an extra layer of certainty; often, it's just an additional unseen risk.

My current habit is: if I can avoid signing, I avoid signing; if I must sign, I first check the scope of authorization, whether it has an expiration date, and if it can be revoked. Hot wallets only hold enough for daily expenses; if I want to play with re-pledging, I only dare to test with small amounts, otherwise I can't sleep peacefully at night.

By the way, the NFT royalty war also resembles this: everyone wants "more income," but when secondary liquidity is restricted, it becomes uncomfortable for everyone.
Anyway, I now prefer to earn less rather than turn myself into a sandwich of liquidity and security risks.
That's all for now.