Without token subsidies, the annualized base returns of several mainstream and reliable stablecoin chains are quite low -Basis return Ethena sUSDe APY: 3.72% -Loan interest Aave deposit USDT/USDC APY: 2.8% -Transaction LP fee Uniswap USDC/USDT APY: 0.164% The sUSDS driven by off chain US bonds can still maintain a 6.5% APY