I just saw a whale address—after a flurry of moves, it looked incredibly impressive. But on closer inspection, they were stacking ETH into a re-staking protocol, then running off to another protocol to open a hedged position… Honestly, don’t rush to follow this kind of thing. The yield-stacking “nested dolls” can look tempting, but you don’t know whether they’re doing it to mine governance tokens or simply to lock funds and claim subsidies. Now “shared security” is getting criticized as a nested-doll game. Anyway, I’m not going to blindly copy trades with my eyes closed—I’ll figure out first whether it’s being used for position building or for hedging.

ETH-0.27%
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