Lately, I’ve been seeing a bunch of strategies built around restaking + shared security. The returns seem to stack on top of each other, like you’ve added three layers of meat to a burger—but to be blunt, it may just be taking the same slice of risk, thinning it out, and presenting it differently. When on-chain liquidity gets squeezed, slippage turns into something like oil on the floor: you don’t notice it in normal times, but once things move, you realize you’re not standing firm.

Also, in this period the discussion around rate-cut expectations, the US Dollar Index, and risk assets bouncing up and down has been really hot. When everyone’s in a bullish mood, they’re even more willing to “add another layer.” My own approach is simple: stacking returns is fine, but don’t casually stack the illusion too—security isn’t some member perk you get for topping up. And when things go wrong, nobody is going to make up the difference for you. For now, I’ll keep watching who’s quietly pulling the chair out from the pool.