#稳定币应用 During a market downturn, seeing the Plasma airdrop wave, my first reaction isn't excitement but caution.

To be honest—an annualized return of 35%+ is indeed tempting in this market, but you need to understand what's behind it. I've stepped on too many mining pits. The essence of high yields is platform heavy subsidies. Why? To attract TVL, boost hype, and capture ecosystem dominance. Once the incentive period ends, how much of these returns remain is uncertain.

I looked at these pools, and the Vault in PlasmaUSD is the most aggressive—$1.4 million in daily rewards, but the main prize pool only lasts 3 days. This is a typical "hotspot creation" tactic. Once the top liquidity is drained, latecomers have to bear the price risk of XPL.

From a defensive perspective, my advice is:

**1. Understand the real purpose of stablecoins.** Depositing USDT0/USDe for mining, but ask yourself—what's the token economic model of XPL? Is there a genuine long-term application or purely driven by incentives? The biggest risk with stablecoin applications is the "liquidity trap"—once platform subsidies are exhausted and real demand is lacking, yields will plummet.

**2. Diversify risk, don't put all in one pool.** Pools on Aave and Euler seem more stable because they are mature protocols. Although their APYs are lower (21%-30%), they are relatively safer. I want to specifically point out Fluid's lending model—borrow interest rates are only 3%. If demand rises, soaring interest rates could eat into your arbitrage space.

**3. Pay attention to cooling-off and lock-up periods.** PlasmaUSD has a 48-hour withdrawal cooldown. If XPL crashes, you might get stuck. This is no small matter.

In short, there are indeed opportunities to farm rewards, but before participating, make sure you understand whether you're earning subsidies or gambling on token prices. When the market is bad, surviving longer is more important than making quick profits.