I just looked at the data for those re-staking projects. The combined returns do look great, but whether the stacked gains are real or just an illusion depends on where the underlying assets’ security comes from.

As for shared security, put simply, it’s “borrowing strength.” If Ethereum’s consensus layer is solid, that’s built by literally stacking huge amounts of security over time. But some protocols bring third-party assets in and wrap them—paper return rates jump quickly, yet no one scrutinizes the liquidation logic or the underlying heterogeneous risks. The recent linked chatter around ETF fund flows and U.S. stock risk appetite also makes me more concerned about whether “liquidity stacking” can hold up during volatility.

Anyway, my own approach is: for re-staked positions, I’d rather calculate by day than hold long-term—I’m used to canceling orders in rainy weather and re-placing them. How do you all break down this kind of “return stacking”?