Recently, I've seen a bunch of discussions about re-pledging/shared security again. Basically, it's about splitting the same "security" into several parts and selling them. The compounded returns are very tempting, but the risks also stack up together. Many people only focus on APY, while those slash conditions, correlation risks, and exit queue times are all ignored as if they don't exist... I'm not regretting the outcome, but I regret not taking the time to review each penalty and incentive boundary carefully back then.

And now, there's daily arguing between L2s about TPS, fees, and ecosystem subsidies. It's lively, but when it comes down to "who pays the bill, who bears the guarantee, what happens if subsidies stop," it quiets down. Anyway, I prefer to take it slow, separating verifiable security stories from unverifiable ones. If I can't see clearly, I hold less. That's how I'll start.