Recently, a major exchange's forum has been discussing the 20% annualized return of USD1, but few people dare to ask a painful question: behind this 20%, how much risk are you actually taking?

I used to be naive too. I thought that being able to consistently deliver a 20% annualized return meant the project team had real skills. But after seeing the outcomes of many high-yield stablecoin projects, I realized a truth:

That 20% was never free money. Frankly, the risks you're bearing go far beyond that number—when will whales dump their holdings? Is the liquidity pool still healthy? Will market liquidity suddenly evaporate? If any one of these factors collapses, the "annualized" return you talk about becomes the beginning of losses.

The more heated the discussion on the forum, the more cautious I become. The most dangerous moment in Web3 isn't during a bear market crash, but during a bull market when "everyone believes they're making a guaranteed profit"—that collective illusion.

Will the frenzy around USD1 continue? Yes. But one day, it will cool down. When that happens, who will be the one to catch the falling knife for the whales—no one can guarantee it won't be themselves.