The biggest advantage of dual-currency products is that they simplify processes and understanding. In some ways, dual-currency products are similar to the interest rate spread in collateralized lending on exchanges. If you were to straightforwardly create a matched collateralized lending trading pair (I remember Bitfinex has this), it could indeed maximize lending returns. But for most investors, this would be a hassle because you wouldn’t know when a particular transaction would mature—it could involve early repayment, extensions, or simply forgetting about it. That’s why most centralized exchanges now offer the simplest “wealth management” returns, providing an annualized rate. For example, @okxchinese can sometimes offer very high returns because their cut is relatively small. During a bull market, the demand for “revolving loans” is high, which drives up the demand for USDT lending, allowing for higher returns. Other exchanges typically offer a balanced annualized return, just enough to ensure the exchange doesn’t lose money. Essentially, they use users’ funds to lend to other users, and the exchange takes a cut. While this does eat into users’ profits a bit, it’s a no-brainer approach. The only exception is Coinbase, where the 4% return on USDC is subsidized by Circle. So, dual-currency products or dual-currency wealth management work on the same principle. They present options to investors in the simplest way possible. You don’t need to understand complex PUTs or CALLs, or deal with a lot of complicated data and calculations. You just need to find a suitable price—whether you think it won’t reach that price or it will and you’re okay with it—and you can earn “interest.” Plus, because centralized exchanges offer one-stop operations that are relatively simple, many people with idle funds find it easy to use. At its core, I don’t think this is about a “stupidity tax.” It’s about simplicity and accessibility. Option premiums are great, but for many people, they’re not easy to understand. To put it bluntly, the money made in the crypto world is essentially based on information asymmetry, and that’s just how it is.