Recently, various Layer2 solutions have been running hot—everyone is competing on TPS like it’s a benchmark software, and ecosystem subsidies are being handed out more frequently than New Year red envelopes. Honestly, it’s pretty lively. But once people start talking about restaking and shared security, many get overly excited.

What I’m afraid of isn’t just losing money—it’s the way risk hallucinations stack up when returns stack. You think you’re harvesting multiple rewards, but you might actually be increasing leverage on yourself. Restaking sounds sexy, shared security sounds grand, but put bluntly, a market pullback can turn these “security” narratives into something as fragile as paper.

Don’t treat stacked risks as stacked returns—think first about what risks you’re compounding. Good night.