These past two days, people have been arguing again about whether re-pledging + shared security is a “layered trap.” I’ve looked at it and it feels pretty familiar: when returns stack on top of each other, people are more likely to conveniently treat the risks as something that can be diversified away. To put it plainly, you take the same principal and use it as “margin” across multiple chains—sounds like a moat, but in reality it’s more like tying a rope to several door handles: if something goes wrong on either side, it can pull you.

I’m just a random who wanders around on-chain. Recently, while watching the paths of big holders, I found that some addresses don’t even chase the topmost layer—instead, they care more about whether exiting is smooth and whether the penalty terms are understandable. Returns can be calculated; don’t count the illusions… Anyway, I’d rather take a little less now than wake up one day to find that my “shared security” has been shared away. That’s it for now.