Introduction Restaking has been pitched as a breakthrough for DeFi yields, promising higher returns by reusing already-staked assets to secure additional networks. Yet the rhetoric often masks a delicate risk calculus. Validators shoulder more responsibilities and potential slashing events across multiple protocols, while a small cluster of whales and venture funds holds a dominant share of total value locked. A closer look reveals a misalignment between promises and real-world value, raising questions about who profits when things go wrong and who bears the risk. Key Takeaways Restaking elevates risk by layering security across multiple protocols on the same collateral. It tends to foster centralization, as only large operators can efficiently manage multi-network positions. Yields are often synthetic, derived from token emissions, incentives, or speculative fees rather than tangible network activity. Long-term sustainability requires clearer links between risk, value, and verifiable ...