Over the past couple of days, I’ve seen a lot of discussions about re-staking and shared security. To put it plainly, it’s just “stacking the yield one more layer.” It sounds pretty good, but I can’t shake the feeling that many people aren’t stacking actual returns—they’re stacking illusions. Security can be reused, but so can risk—especially when you can’t even explain clearly what the underlying thing is actually being propped up by.

Not long ago, I could still see clearly how those chain games collapsed: once inflation kicks in, studios surge in, the coin price spirals, and no matter how hot the narrative gets, it can’t hold. Re-staking is the same. The smoother the yield curve gets, the more I want to ask: who is actually paying for this “smoothness”?

Anyway, whenever I see the words “stacking,” I pause first. Don’t let it end with nothing stacked back but illusions. That’s all for now.