Over the past couple of days, I’ve seen the whole “restaking” and “shared security” story being hyped up so easily—like returns can stack up layer by layer, and risks automatically vanish… The moment my emotions kick in, I want to stop and confirm it, but my hands just freeze. To put it plainly, what’s “stacked” might also be correlation: if the underlying wobbles, everything above it goes wild too, jumping like an ECG.

And lately, in some areas, when taxes get raised and compliance gets tightened (or loosened), expectations for deposits and withdrawals change immediately. Everyone’s “as long as I can get out of it” will instantly overpower the desire to “make a little more.” In this kind of situation, if I chase stacked returns, I’m afraid the thing I’m stacking first is an illusion.

I treat simplicity as a trap: a warning. After all, my rule is still the same—no adding positions, no begging for miracles. If I can understand it, I’ll touch it; if I can’t, I’ll just pretend I didn’t see it… That’s it for now.