"IOSG: On-Chain Yield Panorama, Evolution from Yield-Bearing Stablecoins to Crypto Credit Products" (Authors: Turbo & James) All product TVLs increase during bull markets, but performance diverges significantly during bear markets. In bear markets, investors tend to prefer more stable yields and lower underlying risks, which drives the growth of yield-bearing stablecoins; high-risk products exhibit compounded risks, funding rate strategies face reduced yields in bear markets, market-making Vaults face market manipulation risks, and emerging RWA protocols introduce third-party participants, leading to opacity and limited liquidity issues; given current stablecoin supply conditions, if all L1 blockchains deployed their own stablecoins rather than relying on USDT or USDC, their revenues could potentially double or triple. Read the full article:

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