Fluid's USD Vault claims to offer a fixed 6% interest rate, but you have to loop through Ethena, Maple, and USDai projects. The risk-to-reward ratio is completely off. Plus, part of USDai's funds are lent out to GPU-related ventures. Honestly, you'd be better off with Sky/Spark savings. USDT offers a 4% yield, no leverage, and has been operating for years, dating back to the MakerDAO era. Back in the day, a lot of people looped with USDe PT because the returns were in double digits. At 6%, I doubt anyone would want to take on the risks of leveraged lending. Fluid says their ETH Vault uses a loop strategy and has been running for 4 years. That's true, and it's relatively stable, but ETH LSD has a simple structure that's totally different from these stablecoins.