Recently, I’ve been seeing a bunch of people talk about re-staking/sharing security. Basically, it’s “taking the same sense of security and using it as collateral in multiple places.” The returns may look like they’re stacking up, but the risks are stacking up too—you just don’t see them in the interface. Don’t treat “getting a bit more points/interest” as a risk-free side hustle.

Some people also use on-chain earnings to compare with RWA and US bonds. That sounds a bit off to me: one is clear about who owes you money, with the rules written out; the other is protocols that keep wrapping around each other like a nesting doll—once something goes wrong, you find out who blows up first. Anyway, I don’t consider them to be in the same category.

My approach is kind of old-school: I treat my positions like layered backups. The main position holds only what I need the least to worry about; the little part I want to take a shot with is separated out on its own. If it goes bad, I just treat that backup as discarded. The returns might be lower—just don’t let yourself get carried away by illusions.