Looking at Initia's lending dynamics: sxINIT currently carries a 42.65% supply APR against a 12.61% INIT borrow rate, creating roughly a 30% net spread. That's fairly attractive territory for yield seekers. Push it to 10× leverage and you're looking at an estimated 300% APR—numbers that definitely turn heads. But here's the catch: those returns aren't locked in stone. APR swings alongside utilization rates, meaning your income fluctuates as the pool's demand shifts. Factor in leverage and the math gets brutal quickly. Any meaningful price movement triggers liquidation risk, wiping out positions faster than most realize. The potential upside is real, yet the downside demands respect.