In fact, the biggest advantage of dual currency is that it simplifies processes and understanding. Dual currency, to some extent, is similar to the interest rate spread of collateralized lending on exchanges. If you were to straightforwardly create a matching collateralized lending trading pair (I remember Bitfinex has one), it could indeed match the maximum yield from lending. However, for most investors, this means trouble, as it is uncertain when a particular loan will mature, which may require early repayment or extension, or simply forgetting about it.

Therefore, most centralized exchanges now offer the simplest "wealth management" returns, providing an annualized value. The reason why @okxchinese can offer very high returns during certain periods is that their commission is relatively low. During bullish markets, the demand for "revolving loans" is very high, leading to strong demand for USDT lending, which allows them to offer high returns.

Other exchanges typically provide a balanced annualized return, ensuring that the exchange does not incur losses. Essentially, they use users' funds to lend to other users and take a commission. Although this may take a portion of users' earnings, it is indeed a straightforward approach.

The only difference is that the 4% return on USDC offered by Coinbase is subsidized by Circle.

Thus, dual currency winning or dual currency wealth management follows the same principle: it presents options to investors in the simplest way. You don’t need to understand complex PUTs or CALLs, nor do you need to know a lot of complicated data and calculations. You just need to find a suitable price that you think won’t be reached, or if it is, you can buy it to earn "interest." Moreover, because centralized exchanges offer a one-stop operation that is relatively simple, many users have idle funds, so the burden of using it is not heavy.

The fundamental reason, I believe, is not "intelligence tax," but rather simplification and understandability. The premiums on options are great, but for many users, they are not very easy to understand.

In short, the money made in the crypto space is essentially due to information asymmetry, which is normal.

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