#稳定币发行与品种 Plasma liquidity incentive cycle has entered its second day, and on-chain data reflects several noteworthy phenomena.

First, look at capital flows: Veda's PlasmaUSD Vault has a peak daily reward of $1.4 million, with the main prize pool of $1 million lasting only 3 days. This is a typical front-loaded incentive design—using high yields to attract early lock-ups, which will gradually decline later. Aave has accumulated a TVL of $1.7 billion, with an annualized yield of 21.33%, which is relatively stable but offers limited attractiveness. Euler's two small pools, although with low TVL, offer yields of 27-30%, making them suitable for retail investors to diversify risk.

The key risk point lies in Fluid: current borrowing interest rates are only around 3%, making the net profit seem decent, but this depends on the maintenance of incentive strength. Once borrowing demand increases and rates rise, profits will be quickly eroded—this is a classic trap in liquidity mining.

Operational priority recommendations: The PlasmaUSD Vault should be prioritized due to the main prize pool's deadline (September 29). Aave USDT0 is next (no withdrawal restrictions), and Euler's small pools serve as supplementary allocations. Cross-chain costs need to be calculated in advance, and the 48-hour withdrawal cooling-off period should also be included in risk assessments.

The logic behind liquidity incentives for stablecoins is clear—Plasma is competing for locked-up volume to bootstrap the ecosystem, and subsequent reward intensity is likely to decline. Early participants can reap benefits, but the entry timing is crucial.