#稳定币 The Plasma liquidity incentive cycle is now in countdown mode, with the key being the efficiency of fund allocation. I have analyzed data from five major mainstream pools, with the following key findings:

The main prize pool of PlasmaUSD Vault (1 million USD/day) will only last for 3 days until September 29, indicating that early participants have significantly higher returns than latecomers. The apparent annualized yield of 34% is offset by liquidity costs due to a 48-hour withdrawal cooling-off period, which must be weighed carefully.

Aave USDT0's advantage lies in its no-lock-up period. Although its annualized yield of 21% is lower than the official Plasma pool, its TVL has reached 1.7 billion USD, demonstrating higher market confidence in its stability. The key risk is the inability to perform cyclic lending, which limits leverage profit potential.

In Euler's dual pools, Re7 Core's annualized 30% yield is relatively attractive, and its lower TVL indicates less competitive pressure. Fluid's 25% yield requires close attention to borrowing rate risks—if the current 3% borrowing cost rises, net returns will be severely compressed.

Fund flow signals are clear: large funds have already concentrated in Aave, while retail incremental capital is mainly dispersed among Euler and Fluid. A gradient allocation strategy is recommended—lock in the high-yield window of Plasma's official pool (preferably 3 days), and allocate the remaining funds across Aave and Euler according to risk tolerance to avoid single-point risks.

Cross-chain costs and Gas fees are included in the calculations. When converting USDT→USDT0, pay attention to Stargate's exchange rate fluctuations.