CeFi platforms manage two main risks:
1. Net Interest. Yield after loan losses > what they pay customers.
2. Liquidity. Pay withdrawals when due.
We've seen most of the issues related to #1.
#2 still playing out.
CeFi平台管理两大风险：
1、净利息。贷款损失后收益率>；他们向客户支付的费用。
2、流动性。到期时支付取款。
我们已经看到了与#1相关的大多数问题。
#2仍在继续。