Something’s clearly cooking on @etherlink. The USDC vault has been sitting at 25%+ APR for weeks now, and it's not a one time thing. It's a consistent average between 20% and 27% over the last two months. Here’s how the yield breaks down: → Base Yield (USDC): 7.34% → Base Incentive (applstXTZ): 17.84% → Additional applstXTZ APR (vesting): ~8.3% → GEAR incentives: 0.45% Total: roughly 34% APR The vault’s utilization rate is at 90%, and there’s a clear reason for that, which is looping strategies. Users are using their Curve LP positions (like mRE7/USDC and mBASIS/USDC) as collateral to loop, borrowing against them, re-supplying, and compounding yields. Because of this setup, the vault isn’t just generating passive yield; it’s powering a system where capital efficiency is maxed out. Popular collaterals like mRe7YIELD (which has an intrinsic yield of 30%+) and mBASIS are helping loopers push effective yields past 100% APR on their positions. On the other side, the USDC vault where liquidity is supplied benefits directly from all that activity. The more loopers borrow, the higher the utilization, and the steadier the returns for depositors. That’s why both the supply and borrow sides are worth watching, but right now, the focus is on USDC suppliers. Supplying here doesn’t just earn base yield, it keeps the system running, fuels leverage strategies, and captures a share of the returns from some of the most active capital on Etherlink.