Hey, Layer2 over there has been getting noisy again lately—everyone’s comparing TPS, comparing fees, comparing ecosystem subsidies. It’s all so flashy that I’m getting dizzy. To be honest, these things look exciting, but I can’t shake the feeling that there’s a bit of unease to them—like a farmer’s market competing over who has the freshest produce. In the end, you still have to see who can actually stand up to the real big storms and waves.

When it comes to restaking and shared security, this topic has been pretty hot recently—everything underneath is full of “yield stacking” temptations. But I’m the kind of person who hesitates for 30 seconds before placing an order, and it just feels especially like a landlord splitting a house into many rental rooms: each room can collect rent, but you have to pray the load-bearing walls won’t be knocked down. Shared security sounds pretty great—yet at its core, it’s like borrowing a safety net from a neighbor. The result is that your net’s mesh keeps getting bigger and bigger, until you don’t even have anywhere left to hang your own.

To put it bluntly, yield stacking is like a snack bundle that says “buy one, get one free”—the free half might already be expired. At any rate, the moment I see the two words “stacking,” I reflexively want to pick at it. Maybe it’s just an illusion of “stacking”—a hallucination-stacking thing. That’s it for now—I’m going back to keep researching my liquidation logic.