Recently, the group chat has been arguing again about whether Eigen points count as "real yield." Some people are showing off APY screenshots, while others directly drop a picture of an incorrectly labeled on-chain address—claiming that a certain whale address is actually a protocol treasury, and they’ve been following it as "smart money" all along.

Anyway, now whenever I see the phrase "stacking yield," my reflex kicks in. My mind runs through it: first layer staking yield, second layer restaking rewards, third layer points expectations... Each layer feels clear on its own, but together they become an illusion. Last time a friend asked me if a certain LRT was worth jumping on. I told him to read the slashing conditions first, and he replied, "Too long, I’m getting in first." Fine.

During the day, you’re sandwiching in the mempool; at night, looking at these stacked risks feels pretty similar—it’s all about thinking you’re at the top of the food chain.

That’s it for now. I’m off to have some tea.