In the past, many people understood on-chain transactions, focusing on "what tokens to buy." However, with the gradual development of stablecoins, tokenized stocks, and on-chain payments, new questions are emerging: Who provides liquidity for these assets? Who can earn fees and incentives from real transactions?
OKX Wallet recently announced that the new phase of Boost X Liquidity liquidity incentives has begun. By participating in designated stocks, precious metals, mainstream coins, and stablecoin liquidity pools, users can share a 250,000 USDC reward. The event will end on November 10, 15:00 (UTC+8).
At the same time, the Uniswap StablePair Hook has been deployed to X Layer, and the USDG/USDT0 liquidity pool has simultaneously launched with an initial 10,000 USD LP incentive.
The value of this event is not just the addition of a reward pool but also brings RWA, U.S. stock-mapped assets, stablecoins, and on-chain transaction fees into the same liquidity framework. For users of data analysis platforms, what needs to be studied is not the highest APY on the page, but rather: Which pools have real transactions, what constitutes the rewards, can individual funds continue to stay within the effective price range, and can the fees and impermanent loss match.
What do 250K USDC and 10K LP incentives mean, respectively?
The official announcement reveals that the 250K USDC reward belongs to the current phase of X Liquidity designated pools, covering categories such as stocks, precious metals, mainstream coins, and stablecoins.
The 10K USD incentive, on the other hand, is specifically for the USDG/USDT0 stablecoin liquidity pool on X Layer, supported by Uniswap StablePair Hook.
The two need to be understood separately:
- 250K USDC: Overall liquidity incentive for the new phase of designated products in X Liquidity;
- 10K USD: Initial LP incentive for the USDG/USDT0 StablePair Hook.
The 10K incentive is not additional funds equally distributed to all pools but is a targeted incentive for specific stablecoin pools. Users should check the activity page for the real-time product list and specific settlement methods before participating.
Current pool data displayed on the official page
The X Liquidity page shows the overall reward framework as 860,000 USDT + USDC, which includes 120,000 USD of deposit rewards, 250,000 USD of liquidity provider rewards, and 490,000 USD of PT-USDG deposit rewards.
Data will change with TVL, transaction fees, and reward distribution:
- SPYx–USDG: TVL approximately 3.60M USD, page APY/APR about 19.10%;
- QQQx–USDC: TVL approximately 3.27M USD, page APY/APR about 23.98%;
- NVDAx–USDG: TVL approximately 1.66M USD, page APY/APR about 101.59%;
- TSLAx–USDC: TVL approximately 1.22M USD, page APY/APR about 48.54%;
- SPCXx–USDG: TVL approximately 1.03M USD, page APY/APR about 60.97%;
- PAXGy–USDG: TVL approximately 871.89K USD, page APY/APR about 24.33%;
- CRCLx–xBTC: TVL approximately 414.23K USD, page APY/APR about 56.45%;
- METAx–USDG: TVL approximately 390.60K USD, page APY/APR about 61.97%;
- TCENTx–USDG: TVL approximately 351.25K USD, page APY/APR about 34.48%;
- POPMTx–USDC: TVL approximately 331.24K USD, page APY/APR about 39.11%.
These data can provide initial filtering clues but cannot be interpreted as fixed returns in the future. The APY/APR displayed on the page may include activity rewards and will change due to increased participant funds, transaction volume changes, and asset price fluctuations.
Why are stablecoin liquidity pools worth separate attention?
Stablecoin pools have a different risk structure compared to stock RWA pools.
The sources of income for the stock-stablecoin pool may include trading fees, activity rewards, and changes in LP structure due to asset price fluctuations simultaneously. USDG/USDT0 is more closely aligned with the demand for exchanges and settlements between stablecoins, theoretically more suitable for observing stablecoin liquidity and fund efficiency.
After deploying the Uniswap StablePair Hook to X Layer, the key value lies in providing a dedicated mechanism for transactions between stablecoins. The core of stablecoin trading is not necessarily price increases, but rather:
- Whether there is sustained demand for exchanges;
- Whether the pool can maintain low slippage;
- Whether stablecoins show significant deviations;
- Whether trading fees can continuously generate revenue;
- After the incentives end, whether liquidity still exists.
Therefore, the 10K LP incentive for USDG/USDT0 can be viewed as a liquidity startup plan, but not directly as a risk-free return.
Key insights from the Star interview: Finance needs 7×24 hours
OKX founder Star mentioned in a recent interview that communication can now connect the globe in real time, but traditional finance is still limited by bank clearing, trading hours, and geographic system constraints.
He believes that stablecoins, tokenized stocks, and on-chain clearing provide opportunities for the younger generation to have a global, instant, low-cost, and 7×24 hour payment, investment, and trading system.
This directly relates to the liquidity incentives of X Liquidity.
If stocks, precious metals, and stablecoins can trade on-chain, the market will need sustained liquidity. Liquidity providers do not passively wait for prices to rise but provide quotes during the asset exchange process and earn transaction fees or incentive rewards based on the rules.
From this perspective, the opportunity of X Liquidity is not just about “depositing assets to earn rewards," but more like participating in building on-chain financial infrastructure: providing funding depth for RWA, stablecoins, and DeFi trading.
Where do liquidity providers’ earnings come from?
The X Liquidity page shows that LP rewards are calculated based on the proportion of personal fee income to total fee income and are tallied hourly. If a pool does not generate fees during a specific hour, that hour will not distribute LP Bonus.
This means that individual earnings are not simply calculated by multiplying the deposited amount by a fixed annualized rate. A more accurate logic is:
- The pool first generates real transactions;
- Transactions generate fees;
- Personal effective liquidity contributes a certain amount to the fees;
- Activity rewards are allocated based on the contribution proportion.
Therefore, a pool with high TVL but low transaction volume may not be more attractive than a pool with smaller TVL but active trading. Users should check TVL, transaction volume, fees, and capital ranges simultaneously.
How to choose between RWA pools and stablecoin pools?
RWA Pools: Focus on Price Range and Asset Correlation
Pools such as SPYx–USDG, NVDAx–USDG, TSLAx–USDC, SPCXx–USDG, and METAx–USDG connect tokenized stocks with stablecoins.
The research focus of such pools includes stock price fluctuations, differences in trading sessions, mapping mechanisms, oracles, liquidity, and price ranges. The less consistent the price changes among different assets, the higher the risk of impermanent loss for LPs.
Rules indicate that the price range width for RWA LPs needs to be at least 8%, while RWA Meme requires at least 50%. A narrower range might allow for more capital efficiency, but if the price exits the range, funds may no longer continuously generate fees.
Stablecoin Pools: Focus on Decoupling and Real Settlement Demand
The main research direction for USDG/USDT0 pools is not the rise and fall of stocks, but rather the exchange depth between stablecoins, decoupling risks, trading volumes, and the sustainability of incentives.
Stablecoins do not equate to risk-free assets. Users need to confirm the issuance mechanism, reserve arrangements, redemption conditions, and applicable regions of USDG and USDT0, as well as pay attention to whether one side of the pool shows a continuous decrease in assets.
What does Star’s mention of transparency mean for LP users?
In the interview, Star viewed the protection of customer funds, proof of reserves, transparency, and "don't trust, verify" as the foundation for the long-term development of crypto finance.
For LP users, this mindset can be transformed into several practical checks:
- How are activity rewards calculated;
- Are rewards updated hourly;
- Does the pool generate real transaction fees;
- Do asset contracts and product entry come from official pages;
- Can funds be withdrawn normally;
- What happens after the price range becomes invalid;
- Do incentives still exist after the activity ends.
The key to liquidity mining is not to believe the highest numbers on the page, but to verify the sources of income and risk boundaries.
Correct Participation Path
Official updates from X Liquidity indicate that the event will end on November 10, 15:00 (UTC+8).
Users are advised to participate following these steps:
- Open the official X Liquidity activity page;
- Check the latest reward pools, designated products, TVL, and APY/APR;
- Select the RWA, stablecoin, or mainstream asset pool you understand;
- Access the corresponding product through the activity page;
- Verify the network, contract, rates, price range, and exit conditions;
- Test deposits and withdrawals with a small amount first;
- Continuously observe whether real transaction fees and activity rewards change.
The official page clearly states that users must enter the corresponding products through the activity page and complete operations. Transactions participated in through other websites will not count toward rewards.
Conclusion
This round of X Liquidity activity offers 250K USDC liquidity incentives, along with the launch of the USDG/USDT0 initial 10K USD LP incentive on X Layer.
The page currently displays various RWA and stablecoin pools such as SPYx, QQQx, NVDAx, TSLAx, SPCXx, PAXGy, CRCLx, METAx, allowing users to compare different products using TVL, APY/APR, transaction volume, and fee data.
Star believes that stablecoins, tokenized stocks, and on-chain settlements may drive finance towards globalization, instantaneity, and 7×24 hours. Liquidity providers are essential participants in this new financial system.
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