I’ve been looking into restaking and shared security again. To put it simply, stacking returns makes it easy to “stack” “certainty” as well, and the numbers you end up seeing are an illusion. Especially now, everyone is staring at the staking unlocks and token unlock calendars every day—while one side is shouting about sell-pressure anxiety, the other side wants to crank the returns up another notch. The emotions are pretty split.

Last night, I checked on-chain and saw a vault transfer a staking certificate into a restaking contract, and then, a few minutes later, have it routed into another strategy. The on-paper APY looks pretty good, but underneath, it actually adds several layers of dependency on “who gets in trouble first.” Anyway, I’d rather treat it as a risk swap: take a bit more yield in exchange for more uncertainty in the tails. Start with a small position, watch it slowly, and don’t treat compound interest like a protective charm.