Liquidity mining hands down. The issue there is you’re an LP for a token and basically writing a covered call option and taking on way more risk. Meanwhile lending is fully collateralized. There’s a slight difference if you’re an LP for stablecoins, which have less of a chance of going to zero, but for the most part the opportunity cost of Liquidity mining is higher than holding ETH spot, so the additional token yield needs to be high to compensate that risk.