Recently, I've seen a bunch of plans involving re-pledging and shared security again, with yields stacking up quite nicely, but honestly, many of them are just stacking the illusion of "no incidents."

Security isn't more stable just because there's an extra row in the table; if a black swan really happens on-chain, the correlation is fully exposed, and liquidation/panic runs happen together, with slippage depth directly increasing the risk.

What I care more about now is: who is actually paying for these yields? Is it new hot money coming in, or does the protocol truly have cash flow?
Especially lately, everyone has been talking about rate cut expectations, the dollar index and risk assets sometimes rise and fall together, sometimes move inversely. When sentiment shifts, the first to get hit are often the ones with the "highest apparent returns."

What I fear most isn't missing out on opportunities, but rather, knowing the risks clearly and still pushing through, only to end up blaming the market in the end.
Anyway, I’m just unwinding positions and paths here—don’t hard-fight with bots.
The less stacking, the better.