Over the past couple of days, I’ve been scrolling through projects about re-pledging and shared security again. That long string of “interest stacking” on the page looks so much like streetlights’ reflections after the rain—brighter and brighter, yet somehow more and more unreal… Lately, I’d rather look first at the funding rate and the traces of large on-chain transactions shuttling back and forth. If whales start moving coins, once retail investors’ emotions get overheated, what gets “stacked” might not be gains—it could just be an illusion.

To put it plainly, shared security sounds beautiful, but risks are shared too. If something goes wrong at the underlying layer one day, then all those on top will start “sneezing” right along with it. By the way, people in the community are still arguing about whether privacy coins/mixing coins are inherently a sin. As the compliance boundaries get tugged and pulled, the first ones to panic are always people like me—holding small positions, and unable to sleep… What I’m most afraid of missing isn’t actually opportunities, but that moment when I can clearly see the risks and still force myself to pretend I don’t.