Recently, I saw a bunch of projects involving re-pledging/sharing security that claim their yields are as stacked as Lego blocks. It sounds pretty good, but my suspicious mind kicks in and I start thinking: is the risk also stacking up? Using the same collateral as "guarantee" everywhere—if something goes wrong at the underlying level, who can handle the chain reaction of liquidations? Honestly, security isn't something you can just copy and share; it's more like borrowed credit.

Some people even compare it to RWA (Real World Assets) or even U.S. Treasury yields. I find that a bit off… No matter how much on-chain yield products are packaged, in the end, it still depends on smart contracts, mechanisms, and people not messing up. Anyway, right now I see a bunch of labels, a bunch of authorizations, and a bunch of yields. I’d rather withdraw first and ask later—better to be safe and feel at ease.