Recently, I've seen a bunch of charts about "re-staking + shared security" flying around again, with yields stacking on top of each other, looking quite impressive. But honestly, a lot of the stacking is an illusion: the risk of the underlying assets hasn't disappeared; they've just been bundled, transferred, and repackaged.

On-chain indicators I now pay more attention to are two things: who is using the same collateral to back multiple security promises, and whether, in case of an incident, liquidation/punishment triggers simultaneously (correlation usually stays silent, but when it explodes, it’s like a chain reaction).
By the way, watching Layer 2 projects argue over TPS, fees, and subsidies is pretty entertaining. Everyone is competing to be "cheaper and faster," but if security relies on a bunch of stacked promises, then that small cost… is just for show.
Anyway, whenever I see high APR, I first hold my hand and ask: who is actually paying for these returns, and who gets hit first if something goes wrong? The rest, you can figure out yourselves.