#稳定币应用 The data aspect of Plasma liquidity incentives is worth paying attention to. Analyzing the real-time earnings of five mainstream pools, the 34.36% APR of PlasmaUSD Vault is indeed prominent, but the key point is that the $1 million main prize pool is only designed to last for 3 days—this is a typical early-stage incentive concentration release model, and subsequent decay could be quite steep.

From an on-chain fund perspective, Aave USDT0 has accumulated 1.7 billion TVL, with a stable composite APY of 21.33%. Its advantage lies in the absence of lock-up periods, making it suitable for risk-averse allocations. Euler's two pools, although with lower TVL, offer attractive yields; Re7 Core USDT0's approximately 30.43% APR is worth diversifying some funds into.

Caution is advised regarding Fluid's lending strategy—currently around 3% borrowing rate, which carries the risk of rising. If borrowing demand surges, net profit margins could be quickly squeezed. The risk points of such leveraged mining are often not in the basic returns but in the dynamic changes of interest rates.

Recommended operational approach: prioritize mainstream protocols with cooling periods but stable returns (early Aave, PlasmaUSD), then allocate to Euler's low-TVL pools for diversification, and temporarily observe strategies like Fluid that require continuous monitoring of interest rate changes. During market downturns, such incentives can indeed hedge costs, but the timeline of yield decay must be well understood.