Recently, people are talking again about re-staking + shared security, and the idea of layered yield stacking sounds really great—but I always feel that what everyone is stacking is a bit like an “illusion layer”… Put simply, security isn’t infinitely replicable, and the risks won’t disappear just because you change the name. In the community, they’re arguing now about whether it’s “nested dolls”—but I think the arguing itself is pretty real: some want to push for KPIs, some are afraid of taking the blame, and some just want to get things clearly explained.

My definition of “long-term” is actually pretty timid: it’s not some grand quarterly narrative, but about a month. A month where you can get through a few rounds of emotional swings, a few rounds of voting back-and-forth, and still be able to hold normal meetings (though if the meetings drag on, I really will roll my eyes). Anyway, the yields can be stacked—just don’t stack your cognition into confidence.