Liquidity mining does not require collateral. Because Defi uses smart contracts, there is no so-called risk.
I wonder why you have the impression that there's risk in DeFi liquidity mining when everything that has an advantage must have a disadvantage.
Having said that, the risk I know in DeFi liquidity mining are smart contract risk and rug pull risks.
This is also a category in mining. It is also possible to mine BTC.
If this is your reason for posting the thread on here, you have a point but the moderator will move it if they believe it does not belong here.