The recent price fluctuations of USD1 have sparked quite a bit of discussion. Watching it drop to 1.0002, that magnitude is indeed a bit painful for early holders.

Here's the situation: if you entered at 1.0019, you initially hoped to maintain a long-term premium similar to the mining era. It even surged to 1.0040 at noon, which was quite exciting at the time. But a few hours later, it fell back down, resulting in a loss of nearly three days' interest earnings.

In contrast, new participants who joined now can directly enter at lower levels and enjoy the benefits of the rebound. This is the reality of stablecoin arbitrage—timing the entry determines the returns, and those who are late end up earning more. It's also the first time I deeply experienced the cost and sacrifice of early participants.