The question of how to earn a 10% annualized return on 10 million still seems possible—yet the key lies in investing in the right structure, not just the latest hot trend.

Recently, a seemingly simple question has sparked heated discussions in the crypto community: "If I have 10 million, where should I invest it? Is it still possible to achieve a 10% annualized return?" At first glance, it appears to be a continuation of middle-class anxiety, but in reality, it reflects the true state of the crypto market—where incentive-driven bonuses are gradually fading, stable returns are increasingly rare, and capital is beginning to reassess the structure of returns itself.

The Reality of 10% Annualized Returns

In traditional finance, a 10% annualized return typically implies one of three things: either a significant credit risk, the use of leverage, or extremely poor liquidity. The high returns once offered by Web3 were mostly driven by incentive bubbles rather than efficiency improvements from underlying structural changes.

With the decline of "yield farming" economies, the rollback of DeFi blue-chip returns, and the continued decline in on-chain trading volumes, the focus has shifted to capital efficiency. The real question now is: "In the absence of subsidies and bull markets, can Web3 still offer a sustainable return for stable, long-term capital?"

This article attempts to deconstruct possible solutions to this question through a few key projects.

DeFi's Ebbing Tide: Capital Shifts to "Real Use + Structural Optimization"

Today, most users have realized that relying solely on airdrops is not sustainable, and the structural issues of on-chain liquidity are becoming increasingly prominent. On one hand, incentive models are hard to sustain; on the other, the competition for liquidity among DeFi protocols has reached an extreme, yet there has been no qualitative leap in the underlying infrastructure. Most rollups are still replicating Ethereum's old model, and on-chain matching performance is far from meeting real trading needs.

In this context, capital is beginning to seek new return structures, focusing not on "speculative assets," but on "investing in structures"—those that can generate real on-chain cash flows and improve trading efficiency.

Two directions are gaining market attention:

1. On-chain trading infrastructure designed for professional traders, which redefines matching systems.

2. Composable service layers that provide standardized trading modules for developers.

Hyperliquid: An On-chain Matching System for Professional Traders

Hyperliquid is a full-chain perp protocol running on its own L1 chain. This project currently has no tokens and no incentives, yet its trading depth has consistently ranked in the top three globally for several months. This is not a coincidence.

Hyperliquid has redefined the performance standards for on-chain perpetuals, creating a system that combines a "centralized experience with on-chain settlement" to better align with the habits of professional traders. Its self-developed L1 chain supports sub-second matching, while also achieving low slippage and low gas costs, sufficient to support frequent trading of large volumes of capital.

More importantly, Hyperliquid does not position itself as an "airdrop platform" or an "entry point for retail investors," but as a structural product for high-frequency traders. In this system, returns come from real trading depth, not from stacked incentives.

For capital like "10 million," this represents a new on-chain capital strategy: not pursuing one-time short-term gains, but seeking trading infrastructure with real users, high capital efficiency, and long-term depth.

Orderly: From On-chain Matching to Standardized Trading Modules

Compared to Hyperliquid's vertical integration, Orderly Network offers a "modular trading infrastructure." It does not create a front-end or guide users, but instead provides developers with a set of composable and plug-and-play trading systems.

In simple terms, Orderly aims to become the "Amazon Web Services" of Web3 trading, not participating in retail but providing development tools and basic components.

Orderly's structure consists of four core modules:

1. Matching Engine

   The performance bottleneck of on-chain matching has always been an obstacle for high-frequency strategies. Orderly uses an off-chain matching and on-chain settlement approach, balancing efficiency and transparency while supporting more complex trading instructions and higher capital utilization rates.

2. Liquidity Pool System

   Unlike AMMs, Orderly introduces a liquidity pool model closer to traditional exchanges, allowing market makers to inject liquidity as needed while ensuring stable order book depth. This also lays the foundation for subsequent multi-strategy market making.

3. Clearing and Settlement System

   Fund settlement is based on Layer 1, with user assets managed in isolation. This prevents systemic risks from front-end projects or intermediate layers, enhancing capital security.

4. Risk Control System

   Orderly modularizes off-chain risk control, making it easy for developers to integrate quickly and lowering the barriers to project development.

The greatest significance of this modular solution is that developers can quickly build their own trading products like building with Lego bricks, without having to construct complex systems for matching, clearing, and risk control from scratch.

High-Performance Realization on the Blockchain

Orderly's recent application on Solana provides a typical example.

Although Solana's infrastructure performance far exceeds that of Ethereum, it was not until recently that a "matching order book infrastructure" matching its performance emerged. Orderly's integration on Solana achieved:

• Off-chain matching engine operation, balancing speed and user control.

• Processing thousands of order requests per second, meeting the needs of bots and professional traders.

• On-chain settlement to ensure trade verifiability.

This not only significantly reduced users' real trading costs but, more importantly, truly transformed Solana's high performance into capital efficiency for users. Orderly has thus become one of the few matching protocols that support both Ethereum and Solana ecosystems, with strong cross-chain compatibility.

Making Real Profitability Accessible to Ordinary Users

For most users who cannot engage in high-frequency trading or develop their own strategies, structural matching profits are no longer out of reach. OmniVault is a prime example of this trend.

As a one-stop profit platform created by Kronos, OmniVault allows users to simply deposit USDC, and their funds will automatically participate in market-making activities on the Orderly network, running Kronos strategies across multiple on-chain markets to earn real, verifiable LP profits. Unlike "simulated matching" or "internal circulation trading" profit sources, the profits captured by OmniVault come from real trading activities of on-chain matching orders, offering stronger sustainability and anti-cyclical properties.

Recently, Binance Wallet officially supported OmniVault integration. This globally largest Web3 wallet in terms of trading volume (accounting for over 95% of the market trading volume in 2025) not only opens up a user base of hundreds of millions but also releases the potential of billions of dollars in liquidity. OmniVault's current TVL is close to $7 million, with an annualized return steadily increasing to 30%, becoming one of the few general entry points that convert "real market-making profits" into "user passive income."

From Incentive Bonuses to Structural Bonuses: A New Paradigm for On-chain Profits

Whether it is Hyperliquid designed for professional traders, Orderly providing modular infrastructure for developers, or OmniVault that opens up real profit-making capabilities to users, they all demonstrate a trend:

The new paradigm for "stable high returns" on the blockchain no longer relies on subsidies and speculation but on real trading demand and capital efficiency structures.

Over the past few years, Web3 capital has rotated through narratives such as airdrops, market-making, and Restaking, but the systems that truly have the ability to withstand cycles must be based on real use cases and structural optimization capabilities.

Earning a 10% annualized return on 10 million is still possible—the key is to invest in the right structure, not just the latest hot trend.

The question of how to earn a 10% annualized return on 10 million still seems possible—yet the key lies in investing in the right structure, not just the latest hot trend.

Recently, a seemingly simple question has sparked heated discussions in the crypto community: "If I have 10 million, where should I invest it? Is it still possible to achieve a 10% annualized return?" At first glance, it appears to be a continuation of middle-class anxiety, but in reality, it reflects the true state of the crypto market—where incentive-driven bonuses are gradually fading, stable returns are increasingly rare, and capital is beginning to reassess the structure of returns itself.

The Reality of 10% Annualized Returns

In traditional finance, a 10% annualized return typically implies one of three things: either a significant credit risk, the use of leverage, or extremely poor liquidity. The high returns once offered by Web3 were mostly driven by incentive bubbles rather than efficiency improvements from underlying structural changes.

With the decline of "yield farming" economies, the rollback of DeFi blue-chip returns, and the continued decline in on-chain trading volumes, the focus has shifted to capital efficiency. The real question now is: "In the absence of subsidies and bull markets, can Web3 still offer a sustainable return for stable, long-term capital?"

This article attempts to deconstruct possible solutions to this question through a few key projects.

DeFi's Ebbing Tide: Capital Shifts to "Real Use + Structural Optimization"

Today, most users have realized that relying solely on airdrops is not sustainable, and the structural issues of on-chain liquidity are becoming increasingly prominent. On one hand, incentive models are hard to sustain; on the other, the competition for liquidity among DeFi protocols has reached an extreme, yet there has been no qualitative leap in the underlying infrastructure. Most rollups are still replicating Ethereum's old model, and on-chain matching performance is far from meeting real trading needs.

In this context, capital is beginning to seek new return structures, focusing not on "speculative assets," but on "investing in structures"—those that can generate real on-chain cash flows and improve trading efficiency.

Two directions are gaining market attention:

1. On-chain trading infrastructure designed for professional traders, which redefines matching systems.

2. Composable service layers that provide standardized trading modules for developers.

Hyperliquid: An On-chain Matching System for Professional Traders

Hyperliquid is a full-chain perp protocol running on its own L1 chain. This project currently has no tokens and no incentives, yet its trading depth has consistently ranked in the top three globally for several months. This is not a coincidence.

Hyperliquid has redefined the performance standards for on-chain perpetuals, creating a system that combines a "centralized experience with on-chain settlement" to better align with the habits of professional traders. Its self-developed L1 chain supports sub-second matching, while also achieving low slippage and low gas costs, sufficient to support frequent trading of large volumes of capital.

More importantly, Hyperliquid does not position itself as an "airdrop platform" or an "entry point for retail investors," but as a structural product for high-frequency traders. In this system, returns come from real trading depth, not from stacked incentives.

For capital like "10 million," this represents a new on-chain capital strategy: not pursuing one-time short-term gains, but seeking trading infrastructure with real users, high capital efficiency, and long-term depth.

Orderly: From On-chain Matching to Standardized Trading Modules

Compared to Hyperliquid's vertical integration, Orderly Network offers a "modular trading infrastructure." It does not create a front-end or guide users, but instead provides developers with a set of composable and plug-and-play trading systems.

In simple terms, Orderly aims to become the "Amazon Web Services" of Web3 trading, not participating in retail but providing development tools and basic components.

Orderly's structure consists of four core modules:

1. Matching Engine

   The performance bottleneck of on-chain matching has always been an obstacle for high-frequency strategies. Orderly uses an off-chain matching and on-chain settlement approach, balancing efficiency and transparency while supporting more complex trading instructions and higher capital utilization rates.

2. Liquidity Pool System

   Unlike AMMs, Orderly introduces a liquidity pool model closer to traditional exchanges, allowing market makers to inject liquidity as needed while ensuring stable order book depth. This also lays the foundation for subsequent multi-strategy market making.

3. Clearing and Settlement System

   Fund settlement is based on Layer 1, with user assets managed in isolation. This prevents systemic risks from front-end projects or intermediate layers, enhancing capital security.

4. Risk Control System

   Orderly modularizes off-chain risk control, making it easy for developers to integrate quickly and lowering the barriers to project development.

The greatest significance of this modular solution is that developers can quickly build their own trading products like building with Lego bricks, without having to construct complex systems for matching, clearing, and risk control from scratch.

High-Performance Realization on the Blockchain

Orderly's recent application on Solana provides a typical example.

Although Solana's infrastructure performance far exceeds that of Ethereum, it was not until recently that a "matching order book infrastructure" matching its performance emerged. Orderly's integration on Solana achieved:

• Off-chain matching engine operation, balancing speed and user control.

• Processing thousands of order requests per second, meeting the needs of bots and professional traders.

• On-chain settlement to ensure trade verifiability.

This not only significantly reduced users' real trading costs but, more importantly, truly transformed Solana's high performance into capital efficiency for users. Orderly has thus become one of the few matching protocols that support both Ethereum and Solana ecosystems, with strong cross-chain compatibility.

Making Real Profitability Accessible to Ordinary Users

For most users who cannot engage in high-frequency trading or develop their own strategies, structural matching profits are no longer out of reach. OmniVault is a prime example of this trend.

As a one-stop profit platform created by Kronos, OmniVault allows users to simply deposit USDC, and their funds will automatically participate in market-making activities on the Orderly network, running Kronos strategies across multiple on-chain markets to earn real, verifiable LP profits. Unlike "simulated matching" or "internal circulation trading" profit sources, the profits captured by OmniVault come from real trading activities of on-chain matching orders, offering stronger sustainability and anti-cyclical properties.

Recently, Binance Wallet officially supported OmniVault integration. This globally largest Web3 wallet in terms of trading volume (accounting for over 95% of the market trading volume in 2025) not only opens up a user base of hundreds of millions but also releases the potential of billions of dollars in liquidity. OmniVault's current TVL is close to $7 million, with an annualized return steadily increasing to 30%, becoming one of the few general entry points that convert "real market-making profits" into "user passive income."

From Incentive Bonuses to Structural Bonuses: A New Paradigm for On-chain Profits

Whether it is Hyperliquid designed for professional traders, Orderly providing modular infrastructure for developers, or OmniVault that opens up real profit-making capabilities to users, they all demonstrate a trend:

The new paradigm for "stable high returns" on the blockchain no longer relies on subsidies and speculation but on real trading demand and capital efficiency structures.

Over the past few years, Web3 capital has rotated through narratives such as airdrops, market-making, and Restaking, but the systems that truly have the ability to withstand cycles must be based on real use cases and structural optimization capabilities.

Earning a 10% annualized return on 10 million is still possible—the key is to invest in the right structure, not just the latest hot trend.