The numbers on the screen are bouncing, with annualized returns jumping from 7% to 11%. But behind that dazzling percentage, what kind of game rules are really at play?

Many people have experienced this moment—seeing a DeFi protocol's yield panel, those tempting numbers make your heart race a bit. But when your mouse hovers over the confirm button, there's always a voice asking: "What exactly is going on behind the scenes?"

**The Two Realms of Yield**

7% is the threshold; 11% is the real sweet spot. Let's see how this logic shifts.

Put stablecoin USDf in, convert it to sUSDf, and there are two paths. Choose the "Classic Mode," which can be withdrawn at any time, with yields around 7%; or select the "Enhanced Mode," lock sUSDf for 3 to 6 months, and the yield can reach 11%.

What does this lock-up period really mean? If the market suddenly crashes, and the protocol encounters issues, sorry—your funds are frozen during that time. The risk and reward balance is thus disrupted.

**The Truth Behind the Yield Composition**

Recently, the 7.84% annualized yield in Classic Mode looks decent, but peeling back the layers reveals that 61% of the returns come from options strategies, 21% from staking, and the rest from various arbitrage activities.

Diversification sounds wonderful, but that's precisely where the problem lies—each component is a variable, and combined risks stack up like a Jenga tower. If the foundation is unstable, the whole thing collapses. Options can profit in volatile markets, but in a market with a one-sided decline or continuous rise, they turn into tools for loss.

**Visible Dashboard, Invisible Operations**

The protocol has a dashboard, releases quarterly reports, and even promises audits. But the core issue remains unresolved: do you really understand how your money is being managed?

How much leverage does the trading team use? Where are stop-losses set? These data are either not disclosed or hidden in the corners of reports. Risks grow in these unseen areas.

The returns are tempting, but the premise is that you must accept operational risks that you may not fully understand.