Plummet Wash, which stablecoin yield pools are safe havens right now?

Original Title: Best Stablecoin Farming Opportunities

Original author: Charlie

Original compilation: Deep Tide TechFlow

In the current market environment, leveraging stablecoins to generate yield is one of the effective ways to meet the challenges and achieve growth. In this article, we’ll look at some of the risk-adjusted earnings opportunities to watch out for in no particular order.

HLP (Hyperliquidity Provider)

Currently, the Hyperliquid platform’s Hyperliquidity Provider (HLP) treasury provides a yield of 18.61%, which is a sustainable and stable source of return. According to the official description, HLP provides liquidity for Hyperliquid through various market-making strategies, while executing liquidation operations and accumulating platform trading fees.

It should be noted that the performance of HLP is usually uneven. Over an extended period, returns may remain stable or slightly increase, but during liquidation events, significant single-day returns often occur:

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However, due to the closed operation mechanism of HLP, depositors are completely dependent on the expertise of the Hyperliquid team, so there is a certain “black swan risk” (i.e., the potential loss that can result from extreme events). However, it is trustworthy to note that the data shows that traders lose money on average, so the HLP vault is likely to be profitable in the long run. In addition, depositors need to note that funds are locked for 4 days after depositing into HLP before they can be withdrawn.

Sky Money

Sky Money is a brand new brand of MakerDAO that currently offers the following two options for stablecoin depositors:

· Deposit (Rewards Vault) in the Reward Treasury to earn 8.52%, paid out in SKY.

· Depositing into the Savings Vault (Savings Vault) can yield a return of 6.5%, paid in USDS (which is also the new DAI savings interest rate).

By contrast, the high yield of the reward pool is obviously more attractive, and the risk levels of the two choices are comparable. Depositors in the reward pool can also accumulate SKY tokens, which we believe are currently undervalued by the market. Choosing to hold and accumulate SKY, rather than simply ‘mining and selling’, may bring additional growth potential to the nominal yield.

Ethereal

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Ethereal is a decentralized perpetual contract trading platform closely related to the Ethena team and has received their support. It is reported that the platform will be launched on the ‘Ethena Network’ and will serve as a tool for the Ethena team to hedge spot long positions, thereby reducing the flow of funds to centralized exchanges (CEX).

Currently, Ethereal is running a points campaign called “Season Zero”, where users who deposit USDe can accumulate Ethereal points and earn 30x their Ethena rewards (the exact benchmark is not yet known, but it can be assumed that some of the $ENA tokens will be rewarded to depositors).

The current annualized return rate (APR) of this opportunity is not yet clear, and I expect it to be between 15%-20%, depending on the issuance price of the Ethereal token. Due to the lack of transparent income information, there may be certain risks from the perspective of opportunity cost. However, in any case, I believe this is an opportunity worth paying attention to in the stablecoin income portfolio.

AO

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AO is still a low-key project for many market participants. In fact, we reported on this as early as May 2024. AO has long been running mining activities similar to pre-deposits, but with the recent completion of the token generation event, its annualized yield has been confirmed:

1 DAI can earn 0.004424 AO annually, so at the current AO price ($32.49), the APR is 14.37%.

Similar to Sky and Ethereal, mining AO can currently earn a good income by “mining and selling”, and you can also choose to hold AO. If you choose to hold, there may be more potential for appreciation in the future, providing additional upside to the current APR.

Berachain

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Berachain’s native DEX offers some interesting opportunities, such as the USDC.e/HONEY pool, which currently pays out a yield of 13.79% in the form of BGT. BGT is a soulbound token (non-transferable) but can be burned at a 1:1 ratio to exchange for BERA. Miners can choose to sell immediately for their current APR, or accumulate BGT and bet on the future development of the Berachain ecosystem, which has been heating up lately.

Sonic

Sonic is conducting a massive airdrop mining campaign, distributing hundreds of millions of dollars in S tokens to incentivize the growth of the ecosystem. This creates some unique opportunities for yield miners that deserve further attention and research.

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Shadow Exchange is a native decentralized exchange (DEX) in the ecosystem that offers a number of attractive stablecoin investment opportunities. Among them, the following two options are particularly noteworthy:

· USDC.e/scUSD: 28.9% annualized yield

· USDC.e/USDT: 35.3% annualized yield

Navigator Exchange is a fork project based on GMX that has also launched a GLP/JLP-like product called NLP. It is important to note that this product may be subject to certain price fluctuation risk (Delta risk) due to the inclusion of S, BTC and ETH in its portfolio. Currently, NLP offers the following rates of return:

· 35.60%, paid in S tokens

· 131.71%, paid in esNAVI tokens

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