New growth on this Richtersveld Portulacaria pygmaea plant is a dense, green leaf covering, applied in parts. It is juxtaposed with a dark bark, woody component just below where the caudex is exposed. If some herbivore gets the notion to nibble, it will be on the leaves, not the caudex. And more green leaves will emerge to deal with the damage when the time is right.
This is one way of achieving senior citizen status in this barren land (Williamson, 2010; iNaturalist).