When looking at DeFi yield products, many people's first concern is how high the APY number is, but what truly determines the outcome is not the annualized return rate, but how the risk is designed, monitored, and how to fully withdraw when problems occur.

USDT on-chain yield vault products look very attractive, but risk management is the core. Those who have fallen into too many pits have seen the same套路——high yield promises eventually turn into locked funds, inability to withdraw, or even total loss of capital. This is not a problem with DeFi itself, but a lack of understanding of risk mechanisms.

When choosing such products, it is necessary to think in reverse: how are funds protected under extreme market conditions? Is the liquidation mechanism designed sufficiently well? Is liquidity truly adequate? These questions are much more important than just looking at the APY number.