Recently, I've seen the narrative that re-staking and shared security are being hyped up as "yield stacking." Frankly, what I fear most is that people are stacking illusions: the fundamental security assumptions haven't strengthened, but the complexity has doubled. I've seen too many failure modes in routers and cross-chain setups—stalls, delays, rollbacks. Often, it's not that hackers are so powerful, but that the design simply leaves no room for exceptions.

Some people even compare RWA (Real-World Assets) or U.S. Treasury yields to various on-chain yield products... I understand the desire to find an anchor, but don't forget: much of on-chain yield is a mixture of "liquidity + incentives + leverage." When market conditions change, all that's left is "I don't really know." I used to say, "I only look at on-chain," but I'm revising that now: it's true that on-chain visibility is clear, but off-chain risk transmission can also break the chain, especially with shared security being a one-pot stew. My own approach is: the fewer layers I stack, the better—sleep more peacefully.