These days, the group has been chatting quite enthusiastically about re-staking, and it feels like everyone is hearing "shared security" as "shared profits"... To be honest, stacking profits is fine, but don’t treat risks as air. If you repeatedly use the same collateral to back multiple loans, essentially you're hiding tail risks by spreading them thinner and thinner; it’s not obvious normally, but when something happens, everyone panics together.

My current approach is pretty simple: first clearly outline the interaction paths, unbinding cycles, and penalty mechanisms, then see if the extra profit is worth adding another layer of complexity. The macro side is also quite interesting; discussions about rate cut expectations, the dollar index, and risk assets rising and falling together have started again. The more everyone feels risks are low, the easier it is to fall into collective illusions... Anyway, I’ll just follow my checklist and take it slow.