The Joists Beneath the Ledger: Why Restaking Is Just Old Debt in New Math
When the same collateral is pledged to five different masters, the yield is merely the sound of wood about to split.
Financial engineers in Silicon Valley believe they have invented pooled economic security, but history calls it rehypothecation. When one dollar backs five distinct promises, the resulting yield is nothing more than unpriced underwriting risk waiting for a spark.
Marcus Thornewood
October 5, 2026
8 min
