Plasma's Million-Dollar Subsidy

Written by: BUBBLE, Rhythm

On September 25, the market's attention was on Plasma's native token XPL, which launched and briefly surged to $1.6. In addition to those who participated in the presale, early depositors also received a significant amount of airdrop rewards. Coupled with airdrop activities from major trading platforms, even Binance Alpha's airdrop allowed users to claim about $220 worth of $XPL, making it a bright opportunity for many.

Almost immediately after its launch, Plasma initiated a large-scale liquidity incentive program lasting 7 days, until October 2, covering mainstream protocols including Aave, Euler, Fluid, Curve, and Veda. Users can deposit stablecoins into these protocols or hold related tokens to earn XPL rewards.

If you missed the deposits, the presale, and the on-chain arbitrage opportunities, you cannot miss the chance to take advantage of the rewards. Rhythm BlockBeats has compiled five mainstream mining pools, some of which have an APR exceeding 35%.

Preparation Before Mining

Before mining begins, asset preparation is required. Some protocols need to cross-chain the mainnet USDT to Plasma via Stargate to obtain an equivalent amount of USDT0; a small amount of XPL is also needed as transaction gas fees (most EVM chains are compatible).

Plasma's activities are primarily in collaboration with Merkl. Users can log into Merkl's Dashboard at any time to track their rewards. The Merkl platform automatically calculates rewards based on the user's deposit size and duration, and users only need to manually claim them periodically.

Which Pools Are Good for Mining?

PlasmaUSD Vault

This activity is initiated by Plasma, where the PlasmaUSD Vault under the Veda protocol distributes WXPL in the form of token mining. Currently, only the Lending Vault is open, with the Basis Trade Vault expected to open in the future.

The operation is quite simple; just click Deposit to put in USDT0/USDT, hold shares of the Vault, and earn WXPL rewards whether on the mainnet or Plasma chain. Rewards can be claimed every 8 hours, but USDT0 borrowed has a 48-hour withdrawal cooldown.

The current annualized yield is approximately 34.36%, with daily rewards reaching up to $1.4 million. Notably, $1 million of the main prize pool will only last for 3 days, ending on September 29, and it is unclear if the official will continue the incentives afterward.

Aave USDT0

Similar to Plasma's lending Vault, depositing USDT0 into Aave's lending capacity also earns WXPL rewards. Currently, $1.7 billion has been deposited in the protocol, with an annualized yield of about 21.33% (the protocol's APY is about 3.19%, and WXPL's APY is 18.15%), with daily rewards amounting to approximately $700,000 worth of XPL.

Compared to Plasma, its advantage is that withdrawals can be made at any time, but USDT0 must be provided without holding any USDT0 or USDe debt, meaning that circular lending to increase utilization cannot be performed.

Euler K3 Capital USDT0 Vault

In Plasma's Euler protocol, the USDT0 Vault managed by K3 Capital currently has an annualized yield of about 27%, with daily incentive distribution of approximately $55,000 worth of WXPL.

Users only need to deposit USDT0 on the Plasma mainnet and supply USDT0 to this Vault to start mining.

Euler Re7 Core USDT0 Vault

Also under the Euler protocol, the Re7 Core USDT0 Vault adopts a no-loss flexible lending model, allowing users to participate by depositing USDT0 into the Vault. This pool currently has an annualized yield of about 30.43%, with daily rewards of approximately $35,000 worth of XPL. Although Euler's pools have relatively low TVL, the yield and reward levels are still considerable, making it suitable for retail investors to diversify their allocations.

Fluid fUSDT0 Vault

The Fluid protocol's fUSDT0 Vault offers rewards for users depositing USDT0, USDe, and ETH into the lending Vault, as well as rewards for borrowing USDT0 using USDai and USDTO as collateral, meaning users can first collateralize USDai and borrow USDT0 to achieve an annualized yield of about 24%.

Then, using USDT0 to provide liquidity to the lending pool, the current annualized yield is about 25%.

It is worth noting that most APRs for borrowing USDT0 are provided by Plasma's activities. Currently, the actual borrowing rate is around 3%, and if borrowing demand rises, rates may quickly increase, squeezing your net returns.

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