Listen to all sides for clarity Today, I sent almost the same question to Gemini for some explanation, analysis, and discussion. First, I went over the tokenomics of JLP and the APY Yield mechanism again. Now I’ve pretty much figured out how this token’s price mechanism works. In simple terms: 1. Price fluctuations of underlying assets (SOL, ETH, BTC) 2. PnL (profit and loss) of perpetual contract traders (as counterparties) 3. 75% of protocol fees are reinjected into the JLP pool, increasing value and driving up the price The 17% APY Yield is achieved by directly reinvesting the earnings into the pool to push up the JLP price. Note that this APY figure doesn’t include the price changes caused by points 1 and 2 mentioned earlier. Next, I asked Gemini again about how to choose specific strategies (three options). Gemini strongly recommends a mixed strategy, like 50% SOL and 50% JLP (loop lending). Especially with the expectation of a Q4 bull market, this kind of 50/50 mixed strategy might provide a better balance in terms of returns, risk, and avoiding missed opportunities. Honestly, I’m kind of tempted. But the problem is, if I do this now, I won’t have any SOL spot left in hand. How am I supposed to do on-chain LP next? Logically, it should go like this: bear market for wealth management, bull market for going all in.