I saw a sad guy in the group—

He exchanged 30,000 USDC to mine on Binance Launchpool at the highest premium, and now he’s exchanging back to USDT at a negative premium, losing a total of 18 USD.

He mined 220 $KITE, calculating at the contract price of 0.13 USD, yielding 30 USD.

On the surface, there seems to be no problem—he exchanged the coins that needed to be exchanged, mined the coins that needed to be mined, and indeed did not incur a loss, but the actual total profit is only 12 USD, and the yield rate has been cut by more than half.

This actually reflects a very typical issue: the illusion of yield.

Such situations often occur on-chain; most people only see the profits, while only a small number of people truly account for the losses throughout the entire process:

Premium, exchange, time, volatility, redemption, slippage…

Each step can eat away at your real profits.

This also leads to the fact that even if the rules are all public, the different calculation models and operational paths of participants can lead to vastly different results.

This is also the most critical step in project investment research:

If the net profit of a certain path cannot cover its analysis, execution, and risk-bearing costs,

Then this behavior is essentially inefficient; your information processing costs will far exceed your economic gains.

And without a lower limit on efficiency, profit-seeking behavior will ultimately slide into a paradox:

The more proactive you are, the more you consume; the more you invest, the less it’s worth.

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