Recently, a bunch of projects involving re-pledging and shared security are getting a lot of attention; the returns stack on top of each other, and it looks like bubble tea with toppings… But don’t treat “more numbers” as “less risk.” To put it plainly, when you package security and share it, the chain side is more efficient, but your risk exposure is also tied to the same clump of correlation—if something goes wrong, you’ll all shake together.

I’m sipping tea while watching the order book; when liquidity is thin, the bid-ask spread will remind you: you can’t expect to withdraw anytime you want. Re-pledging is the same too—frictions like exit/penalties/governance changes of rules won’t disappear just because your profit screenshot looks good.

Also, when I see Layer2 projects trading blows over TPS, fees, and subsidies, it feels like a messy “whose tea is more fragrant” waterfight… Subsidies can be scaled, but hard stuff like security and exit paths ultimately still needs you to weigh it yourself. Anyway, I’d rather take a little less than stack illusions.