Lately, people have been talking again about restaking and shared security. It sounds like “security can be reused, and returns can also compound,” but I always feel that when returns stack up, the easiest thing to stack is illusion. Put plainly: the underlying risk hasn’t gone away—it’s just been wrapped differently. Once the correlations kick in, they all get crowded into a single stampede of withdrawals, and even escaping gets difficult.

On L2, people are still arguing about TPS, fees, and subsidies—who’s more aggressive… I’m more concerned that when this “subsidy-driven prosperity” retreats, those on-chain positions that have piled up and layered over time might instantly turn into one rope. In any case, my own approach is simple: hedge when you can, don’t get greedy with positions, and when implied volatility is high, I’d rather make a little less.

Staring at the screen for too long makes my eyes a bit sore, and my neck feels tight—maybe I’m more likely to fall apart before the market is. That’s it for now.