Just now, my phone popped up a red dot notification: “Staking again with annualized ××, shared security can be layered even more”… I almost instinctively clicked to add more, but then I thought, isn’t this just stacking the returns and also stacking the illusions? To put it simply, re-staking isn’t free interest; it reuses the risk of the same collateral. You think you’re getting an extra reward, but in reality, you’re mixing the probabilities of liquidation/forfeiture/chain reactions into the same dough, and fermenting it faster makes it more likely to collapse.

Recently, new L1/L2 projects have been aggressively issuing incentives to pull TVL, and veteran users in the group complain “mining, selling,” I understand… Incentives are like oven temperature set too high, golden on the surface, but still raw inside. Anyway, now I look at the interest rate curve first by maturity and exit difficulty, then by yield. I prefer it to be slower, at least not to be led around by notifications.