Recently, I saw a bunch of screenshots showing "re-staking + shared security" yield stacking. To put it simply, the returns can indeed be stacked, but the risks are stacking too—it's just that many people are too lazy to break it down. Is that underlying part real transaction fees/actual demand, or is it supported by project subsidies? Once the subsidies stop, or if there’s an unexpected issue with shared security, the drawdown won’t be polite to you.

Now I force myself to consider three things when looking at these pools: how long the money is locked, who will cover problems, and how long the queue is to exit. No matter how attractive the APY looks, I treat it as an "advertisement space" first, not a paycheck... Recently, hardware wallets are out of stock, phishing links are everywhere, and people are still signing on strange websites. It’s pretty brave to do that at this point. Anyway, I’d rather earn less than turn the yield into an illusion.