币界网报道：Liquidity mining has emerged as a popular way to earn passive income in the decentralized finance (DeFi) space, but experts warn it carries significant risks. By providing crypto assets to DeFi protocols, users can earn rewards in the form of additional tokens, often with high annual percentage yields (APYs). However, these returns come with substantial volatility, impermanent loss, and smart contract vulnerabilities. Analysts note that many liquidity mining programs offer unsustainable yields, which may collapse if token prices drop or liquidity dries up. Additionally, regulatory uncertainty looms over DeFi platforms, as governments worldwide scrutinize their compliance with financial laws. Despite the risks, liquidity mining remains attractive to investors seeking higher returns than traditional finance. Experts advise thorough research, diversification, and risk management before participating. Some protocols are now introducing safeguards like insurance pools and dynamic yield adjustments to mitigate risks. The trend reflects DeFi's rapid innovation but also highlights the need for caution in this high-reward, high-risk sector.