#借贷协议风险 Wu Qing's statement seems ordinary, but the signal is very clear: regulatory authorities are going to take serious action on high-risk products such as lending protocols and derivation.

This is an important reminder for us followers of traders. Recently, I've observed that some traders are becoming increasingly aggressive in their operations with borrowing protocols, piling on high leverage ratios. The yield curves look very appealing, but the underlying risks are continuously accumulating. I have previously followed two such accounts, which did manage to outperform the market by over 20% during the yield period, but once liquidity issues arise or policies tighten, the fragility of these strategies will be exposed instantly.

The key is to see clearly: behind high returns is real trading ability, or is it simply taking advantage of systemic leverage dividends. Now the environment has changed, those traders relying on gray areas will inevitably have to adjust their strategies, and this process will be very painful.

It is advisable to review your copy trading portfolio—especially accounts where most profits come from lending protocols or over-the-counter derivations—and adjust your risk exposure in advance. It’s better to earn a little less than to regret it when forced to close positions. Experience has taught me that staying alive is much more important than winning beautifully.