#流动性环境 Looking at Plasma's liquidity incentives, my mind flashes back to the ICO boom of 2017 and the crazy days of DeFi Summer in 2020. Every time the market enters a downturn, projects always roll out the same script—massive airdrops, high-APR bait, and FOMO setups with tight timelines. I'm not saying Plasma is bad, but I've seen this pattern too many times.

Carefully examining the data, the 34% annualized yield on PlasmaUSD Vault and the $1 million main prize pool lasting only 3 days, along with Aave's 21% and Euler's 27-30%—these numbers all tell the same story: short-term high returns to trigger initial TVL explosion. The question is, how long can these incentives last? History shows us that most of the time, not very long.

But I also don't deny the value of participating. The key is to be clear about what you're doing: this isn't investing, it's seizing an arbitrage window in a liquidity-depleted environment. Cross-chain to Plasma, prepare Gas, track Merkl's rewards—these operational costs are real. If the APR looks ridiculously good, it often means the risks are lurking somewhere.

Those who missed the presale or the launch can indeed participate through mining. But don't see this as a chance to turn things around. It's a rational choice during a market downturn—finding a balance between the expected returns and potential risks. My advice is to control your principal size, diversify across different pools, and regularly monitor yield changes. When incentives suddenly drop, it's time to exit decisively. Cycles operate this way; everyone has a chance, but not everyone can come out unscathed.