The day before yesterday, I summarized a note: staying up all night typing on the keyboard, the trading volume surged to over 1.6 million USD, but I only made $500. Looking at it from another perspective, doing an additional 200,000 USD in volume only earns about a hundred dollars—this fee structure really leaves little profit to be made. The most frustrating part is that this strategy relies heavily on capital and time investment; without some background, it's hard to persist.

Instead of continuing to spin in the rate vortex, I recently shifted my focus to RWA (Real World Assets) collateralization. Simply put, it’s about tokenizing off-chain assets, bringing them on-chain as collateral, and then minting stablecoins for use—sounds complicated, but in practice, it’s much simpler.

I tested the waters with Tether Gold. At that time, the XAUt price was close to the gold price, about $2000 per coin. After depositing 1 XAUt, I could immediately borrow over 1500 USDF. What’s the trick? When gold prices rise, that’s your profit, and the borrowed stablecoins can be further staked for mining or used in other pools to generate yields—this layered approach can easily achieve an annualized return of over 10%. The key point is that your underlying assets (gold, government bonds, etc.) remain in your hands, so there’s no need to worry about missing out on market moves.

Compared to this, the passive income model is much more comfortable than rate arbitrage. It reduces the anxiety of watching the market every night and offers more certainty in asset appreciation.