An engineer named Alo is exploring the innovative field of on-chain "redeemable notes". This product is based on interest-bearing assets and features two independent operational modules.

Alo chose to deposit the underlying assets into a specific platform, maintaining their original yield generation capability. At the same time, he cleverly set up two isolated positions: Position 301 is used for stablecoin borrowing, primarily for subscriptions and activities; Position 302 is configured with ETH borrowing, used for hedging and replenishment operations.

In the first week of the product's operation, the subscription activity was exceptionally hot, and Aro only adjusted the upper limit of the 301 warehouse. The next day, as market volatility intensified, he quickly replenished in the 302 warehouse, effectively controlling the net exposure. The profit curve for the entire week showed a stable upward trend, with no interruptions.

On the weekend, Alo innovatively integrated the cash flow of three modules and created an intuitive "bill view". This allows investors to clearly understand key information about the product's "source of returns, liability boundaries, and health status" for the first time.

Alo stated that the platform they are using offers a "sub-account order" function comparable to that of a prime broker, and this structured management approach has more long-term development potential than simply pursuing high yields.

This innovative on-chain structured product design showcases the potential of decentralized finance in complex financial instruments, providing investors with more transparent and flexible options.