#流动性环境 During the Plasma liquidity incentive period, the key is to understand the cost of funds and the opportunity window.

After reviewing data from the five major mainstream mining pools, the 34% annualized yield of PlasmaUSD Vault looks the most attractive, but there is a detail— the $1 million main prize pool only lasted 3 days until September 29th, and future incentive policies are unknown, which means early participants enjoy the dividend period, while subsequent entrants will see a sharp decline in returns. Aave’s 21% annualized yield is actually more stable; with a TVL base of $1.7 billion, although the APR is lower, there are no withdrawal cooling-off periods, making liquidity more flexible.

From the perspective of capital inflow, this wave of incentives is indeed hedging against market downturns—Binance Alpha directly airdropped $220 + XPL rewards from various protocols, essentially using token incentives to stack TVL. Although Euler and Fluid pools offer lower yields than PlasmaUSD, their TVL is relatively low, making the risk of retail investors’ diversified allocations more controllable.

It’s important to note the risk of lending rates—Fluid’s current borrowing rate for USDT0 is effectively 3%, but if borrowing demand increases, this number will rise rapidly, squeezing your net profit margin. This signals a change in the liquidity environment, and continuous tracking of real-time reward data on the Merkl Dashboard is necessary.

Overall, this window period is at most another week; the high-yield dividend period has already clarified its deadline, so immediate decision-making is required.