Recently I keep seeing a bunch of talk about “re-staking + shared security” that sounds just like a perpetual motion machine. Sure, stacking the returns really does sound pretty appealing, but let’s not stack the illusions too… When the same stash of assets is used as collateral everywhere, if something goes wrong, it’s usually all pulled back together—you’re not going to get a queue and take it slow.

When a new L1/L2 drops and incentives boost TVL, old users start complaining about “mine/lock/sell,” and I understand. It’s all lively, but in the end, it’s still the ones who truly use it who stick around. Anyway, whenever I see exaggerated annualized yields now, I screenshot and save them—use them as memes—cool down for a couple of days, then decide whether to jump on board.