These past two days, people have been talking about re-staking/shared security again. Put simply, it’s like “using the same collateral to do a few more jobs.” The returns look pretty enticing, but I always feel that when returns stack up, my brain is also prone to stacking illusions: thinking that the extra gain is certain—when in reality what you often add is correlation, plus a whole bunch of liquidation trigger points you can’t see.

On the macro side, interest-rate cut expectations are still being debated. The U.S. Dollar Index rises and falls alongside risk assets—one moment moving up together, the next moving down together. Either way, once sentiment flips, those on-chain “security modules” may wobble at the same time.

My compulsive approach is: I’d rather make a little less—revoking the authorizations for the re-staking first, and then noting the collateral’s degree of correlation.