Are Saver Vaults risky?

Of course, there is no free lunch, and Savers Vaults have its risks. While there are no CeFi risks, there are protocol/DeFi risks such as bugs, exploits, governance, etc. Besides these, there are also risks specific to the mechanics of Savers Vaults. One of the core developers of THORChain, Chad Barraford, goes into great detail about those here:

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