The APR of Hyperion's stablecoin has been below 20% for the past two to three days.

As the largest stablecoin mining pool on Aptos, since paying attention to it until the end of June, the APR of the USDt-USDC pool has been above 20% almost all the time.

While sorting out its APR flywheel logic in the post, the 24-hour trading volume of the USDt-USDC trading pair was about 1.5 times the TVL, but now it's only 70%, indicating a drop of about half in trading volume.

It is speculated that it is likely due to the xBTC-related pools offering double Drip points for trades, which effectively reduces the cost of earning points by half, leading traders to abandon USDt-USDC.

Although there are double points, the risk of trading the $xBTC pair is still much higher than that of stablecoin pairs.

However, if trading is not considered, forming an xBTC LP still yields decent returns, and it is relatively easier and more comfortable than Alpha.

Additionally, according to data from DefiLlama, the TVL on July 1 was 130M, now it is 119M, a total loss of 11M, of which 5M has come from USDt and USDC, with some also stemming from the decline in the price of $APT.

Currently, the APR of USDt-USDC is below 10%. If the APR does not recover in the short term, the TVL is likely to continue to decline, right?

So, where will everyone's stablecoins go?

Note: The above is for information sharing only and not investment advice; please do your own research!

DeFi Enthusiast: BitHappy