The market is not doing well, so I thought about traveling to Yunnan for a relaxing trip. On the third day in Shangri-La, I caught the flu, feeling uncomfortable all over and not wanting to move. I stayed in the hotel to continue providing value to my brothers. The dual investment vault of TermMax Alpha—why does it feel different from the familiar DeFi liquidity pools? Let me briefly share my understanding. When you deposit funds into the vault, this money becomes available liquidity for options buyers. As long as someone opens a position, your corresponding funds will be locked until one of several conditions occurs: new funds are added, the option naturally expires, or the buyer chooses to close early. This logic is actually more similar to CEX's dual-currency financial products rather than traditional open-entrance, open-exit DeFi pools. However, I think a good point about TermMax is that, under sufficient liquidity, it supports early exit, offering more flexibility than many centralized products. Of course, there are trade-offs. You can achieve relatively higher annualized returns mainly because you earn option premiums, but the cost is that during certain periods, your funds cannot be immediately withdrawn. This isn't really a trap; it's a normal mechanism setting. TermMax is also continuously optimizing its UI to make it more intuitive about which funds are locked and for how long—I think this is necessary. My understanding is: you're not earning risk-free returns but are on the other side of leveraged trading. If you understand this, treat it as a structured strategy rather than a savings account, then the product's logic actually makes sense. High returns come from genuine counterparties, but liquidity always comes at a cost.