“What’s at stake” means what can be won or lost. When two people make a bet, they each pay money that will go to the winner, this money is the “stakes”, the money is “what’s at stake”. I read that way way back in time, people would generally bet animals, like pigs or cows, which were tied to stakes in the ground, and the winner would get both animals.
Hi Sureshvemuri. This is not wrong at all. “What is at stake is my life.” means that your life can be won or lost. This could mean you if you lose, you could die or it could mean your life could somehow be ruined.