For a long time, people have considered projects that include stablecoins as stablecoin projects, such as Luna, which was once very popular and provided a U-standard APY of nearly 20% after staking, Ethena, which now has a circulation of 6 billion and a reasonable source of income, and Usua, which mainly relies on protocol token incentives. In my opinion, many projects defined as stablecoins are not widely circulated in the market (not used as mainstream currency trading pairs and value storage), but are a medium for obtaining income. Its stablecoin attribute is weaker, but contains more income attributes, so it can be regarded as an income project.

After the collapse of Luna, more income projects turned to long-term sustainable income to subsidize users. The current mainstream methods mainly include #RWA -type protocols (such as MakerDAO, Usual) based on US Treasury bonds and protocols that use mainstream currency spot arbitrage (such as Ethena, USDX).

The RWA protocol is based on US Treasury bonds, which is relatively larger in scale, relatively stable in income, higher in fund security, and lower in risk of thunder. In a bull market, the capital return of futures and spot arbitrage is higher, but at the same time, attention should be paid to the position ratio in the derivatives market, certain scale restrictions, liquidity problems may occur when large-scale positions are closed, and negative funding rates may occur in a bear market.