【Uncle's Short Review】How is the 16\% annualized return achieved? Breaking down the "cyclical lending" aesthetic of SyrupUSDT
Everyone, many people ask Uncle, how can SyrupUSDT's yield be so much higher than U.S. Treasury bonds? Is it a Ponzi scheme? Today, Uncle will help everyone understand the "on-chain leverage engine" behind it.
🔍 The Art of Leverage: Dual Harvesting of Aave and Fluid
The stablecoins locked in Plasma are not just sitting in a vault, but are executed through Edge Capital in a highly sophisticated cyclical lending (Looping Strategy):
* Initial Collateral: Users' deposited stablecoins are stored in Aave or Fluid as collateral.
* Low-Interest Borrowing: Utilizing Aave's efficient liquidity to borrow low-cost native stablecoins.
* Interest Rate Arbitrage: The borrowed funds are reinvested in Maple Finance's RWA institutional credit pool.
This operation amplifies the original approximately 5\% base RWA yield to over 16\% through multiple cycles. That's why Uncle says Plasma is a "financial engineering" project.
🔍 Why is this not a Ponzi scheme?
A Ponzi scheme uses the money of later investors to pay earlier ones, but Plasma's source of income is the real "interest rate spread":
* Asset Side: Maple Finance connects with the credit profits of real enterprises.
* Liability Side: Aave/Fluid provides the cheapest wholesale-level funds on the entire chain.
As long as the RWA returns are greater than Aave's borrowing interest, this engine can keep running.
🕵️♂️ Detective's Perspective: Monitoring the "Liquidation Line" is the real business
For value investors, we do not look at advertisements, but at the collateral ratio (LTV). As long as the collateral on Aave is sufficient, this 16% yield is stable. Uncle suggests everyone: Don't just focus on the price of
$XPL , go check the liquidity depth in the Fluid protocol, that is the key to whether SyrupUSDT can continue to send red envelopes to Uncle.
#plasma $XPL @Plasma #SyrupUSDT #AAVE #Fluid