Speaking of fee strategies, I have to share a brutal lesson. Take LAYER as an example. When the hourly billing mechanism was launched at 16:00 on May 6th this year, the price was still at 2.2451. By December 28th, the spot price had dropped to 0.1739, a decline of 92.25%.

Ideally, if the coin price had remained stable, the fee income during this period could have reached 73.54%. Sounds pretty good, right? But the reality is harsh. Looking at the candlestick chart, the decline started immediately from the moment the fee mechanism was launched, with the first 6 days contributing a whopping 32.02% of the fee revenue. The problem is—on the very first day, the coin price plummeted by over 40%, and it continued to fall afterward.

So, how does the final bill look? The fee income was completely wiped out by the coin price drop. Overall, this investment probably lost about 80% to 87%. Compared to a short position, at least we still retain some principal and haven't been liquidated to zero. In such market conditions, the fee mechanism simply fails to provide any protection.