[{"type":"paragraph","children":[{"text":"The RateX protocol provides an excellent example of observing the evolution of DeFi speculation: when basic liquidity mining and staking returns become commonplace, the market begins to pursue more complex tools - "},{"text":"Leveraged speculation on the \"yield\" itself.","bold":true}]},{"type":"paragraph","children":[{"bold":true,"text":"Potential Returns and Risks:"}]},{"type":"bulleted-list","children":[{"type":"list-item","children":[{"text":"Return Case: ","bold":true},{"text":"If it is judged that the implied return of an asset will increase from 6% to 9%, using 10x leverage to go long on its YT may obtain a "},{"text":"return of 500% ","bold":true},{"text":"(for example, non-commitment)."}]},{"type":"list-item","children":[{"text":"Core risk:","bold":true},{"text":"  "}]},{"type":"list-item","children":[{"text":"1、Double volatility ","bold":true},{"text":": YT price is affected by the underlying asset price and yield, and the volatility may be greater.  "}]},{"type":"list-item","children":[{"text":"2、Liquidation risk ","bold":true},{"text":": under 10 times leverage, a small reverse fluctuation in the market may trigger forced position squaring.  "}]},{"type":"list-item","children":[{"text":"3、Contract risk ","bold":true},{"text":": Despite being audited, complex smart contracts can still have unknown vulnerabilities."}]}]},{"type":"paragraph","children":[{"text":"Reflection: ","bold":true},{"text":"Is this trend of financial derivatives of \"income\" itself a sign of maturity for DeFi, or does it introduce more systemic risks? Is the participation threshold too high for ordinary users?"}]},{"type":"paragraph","children":[{"text":"Risk and Return Analysis ","bold":true},{"text":": https://blog.ju.com/ratex-protocol-leveraged-yield-trading/?utm_source=blog\n"},{"type":"topic","character":"Speculation","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"RiskManagement","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"DeFi","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"FinancialEngineering","children":[{"text":""}]},{"text":" "}]}]