Last night, I watched a few large transfers going back and forth on the bridge, and it felt like everyone is once again treating “shared security” as an all-purpose get-out-of-jail-free card. Re-staking, put simply, means slicing the risk of the same principal into several layers of packaging—while the stacked returns are pretty enticing, don’t just casually bundle the hallucinations along with it: once penalties or reductions hit, the chain won’t care to discuss “emotional value” with you.

Now I’m seeing annualized figures written in flashy, over-the-top ways, and my first reaction isn’t “how much I’ll make,” but rather “which few chains failing at the same time would wipe me out in one go.” The old cycle of blockchain gaming—an inflation + studio + coin price spiral crashing—also looked pretty similar: at first, everyone thought the system could remain self-consistent, and only later did they realize it was just feeding each other’s expectations. Anyway, I’d rather take a little less than rely on luck to get across the bridge.