Re-staking this thing has been getting a lot of hype lately. People keep talking up “shared security” and “stacking yields,” and it sounds like an all-you-can-eat buffet. But honestly, what you’re stacking is returns—what they’re stacking is risk. You think you’re building a tower, but really it’s like a game of stacking—where you keep piling layers up, and if any lower layer gives way, you’re probably in trouble.

The group chat is also full of rumors about stablecoins getting depegged after being transferred in a crowd, along with that whole mess about reserve audits. Once emotions flare up, someone always yells, “Run!” But then, flip your head back and you’ll see a bunch of people going right back to staking anyway.

In any case, I don’t believe that simple stacking can be a free lunch. That’s an illusion— the more you stack, the more you get hooked. That’s it for now.