#稳定币扩张与应用 Seeing Plasma's airdrop and liquidity incentives, my first thoughts go back to the ICO boom of 2017, followed by the subsequent liquidity mining wave. History keeps repeating itself, just under a different name.

The timing at the end of September is quite interesting. When market sentiment is low, it's actually the best time for projects like these to attract funds. An APR of over 35% sounds tempting, but I've seen this scene many times before—high returns often mean high risks. The $1 million main prize pool for PlasmaUSD Vault lasted only 3 days, which clearly shows the design logic: concentrate the release to attract attention, then quickly cool down.

Looking at the data, there are already $1.7 billion worth of USDT0 staked on Aave, indicating that stablecoin expansion is indeed happening. But the question is, how much of this is driven by real demand, and how much is just chasing incentives? The risk of borrowing rates on Fluid rapidly rising from 3% is a common issue with these activities—when incentives are withdrawn, the true cost becomes very apparent.

My straightforward advice: if you want to participate, treat it as a short-term arbitrage opportunity rather than a long-term income source. Plan your exit strategy in advance, especially for pools whose main prize pools are about to end. The expansion of the stablecoin ecosystem is definitely a trend, but the sustainability of these incentives is questionable. I've seen this scene more than once—ultimately, those who end up holding the bag are often the greedy ones.