Just saw someone else say that a certain protocol is doing “nested cake” with re-staking yield. Newcomers easily think, “Saving one more layer means earning one more layer.” I thought the same way before, too. Later, I lost money once and realized that when returns stack, the illusion of stacking stacks along with them. Now I pay more attention to how shared security is actually allocated—whether there’s a real user retention “flywheel” and whether the protocol itself can generate one. Otherwise, no matter how high the TVL is, it can still be a night of heartbreak. In any case, whenever I see big on-chain transfers being interpreted as “smart money,” I just smile and decide to look first at the real level of governance participation.