Original | Odaily Planet Daily (@OdailyChina)

Author | Azuma (@azuma_eth)

Trading cryptocurrencies is really difficult, with altcoins continuously declining and PVP facing repeated defeats. Instead of persisting, it might be better to turn back.

As the difficulty of market operations rises sharply, more and more users are starting to focus on more controllable money-making opportunities. In response to this demand, Odaily Planet Daily has decided to launch a column titled "A Financial Strategy for Lazy People," which will cover relatively low-risk yield strategies centered around stablecoins (and their derivative tokens) currently available in the market. The aim is to help users who wish to gradually increase their capital through stablecoin-based financial management find more ideal earning opportunities.

This column is tentatively scheduled to be updated weekly. If reader feedback indicates high demand, we will also release related strategies for BTC, ETH, and SOL in the future.

Here’s a “hot” piece of knowledge: In the past 20 years (from October 15, 2004, to October 14, 2024), "stock god" Warren Buffett's average annualized return has been about 10.96%. In the early-stage cryptocurrency market, where the financial system is still in its infancy, any ordinary person can "easily" surpass this number.

Basic Interest Rate (Lowest Efficiency)

The so-called basic interest rate tentatively covers single-coin financial management plans from mainstream CEXs, as well as mainstream on-chain lending, DEX LP, RWA, and other DeFi deposit plans.

CEX Side

Binance: USDT single-coin financial management (apy) currently reports 2.7%, with an additional 5% bonus for amounts between 0 - 500 USDT; USDT single-coin financial management currently reports 1.89%, with an additional 7% bonus for amounts between 0 - 500 USDC;

OKX: USDT single-coin financial management currently reports 2%; USDC single-coin financial management currently reports 2%;

Bitget: USDT single-coin financial management currently reports 4.12%, with an additional 8% bonus for amounts between 0 - 500 USDT.

On-Chain

• Ethereum

Aave: USDT 4.18%; USDC 4.27%; DAI 5.13%;

Fluid: USDT 9.43%; USDC 8.07%;

Ethena: sUSDe 9%;

Sky: sUSDS 8.75%;

• Solana

Kamino: USDT 4.72%; USDC 6.53%; PYUSD 6.56%; USDS - USDC LP 11.24%;

margin.fi: USDT 5.69%; USDC 5.87%; PYUSD 6.41%;

• Base

Aave: USDC 5.04%;

Aerodrome: USDC - USDT LP 3.88%.

Pendle Zone (Core Strategy)

Currently, to amplify the yield of stablecoins, one cannot avoid structured or leveraged products. Considering safety and liquidity, Pendle is undoubtedly the most suitable platform.

As shown in the image above, the PT yields of multiple stablecoins on Pendle can reach 15% or even higher, significantly exceeding the industry's basic interest rate level.

A recently popular pool is the eUSDe (Ethreal's USDe deposit certificate) pool expiring on May 29, with the current price directly buying PT corresponding to an apy of 17.9%, yielding approximately 4.56% by the expiration date.

You can also choose to directly become an LP for this pool (eUSDe - eUSDe PT). Although the corresponding yield will drop to 7.546% (which can increase to 9.09% with sufficient PENDLE staking), you will also receive an additional 1.6 times Ethreal points bonus and 50 times Ethena Sats points bonus — early withdrawal will incur impermanent loss, but holding until expiration will gradually offset that loss.

Additionally, the "old gold pool" sUSDe (Ethena, staked USDe) remains very popular. The pool expiring on March 27 currently reports an apy of 14.8% for direct purchase of PT (with a sUSDe yield of 1.21% at expiration), while the pool expiring on May 29 reports an apy of 13.49% (with a sUSDe yield of 3.44% at expiration). When combined with the 9% apy of sUSDe itself, the overall apy can exceed 20%.

Ecological Incentives (Opportunities and Volatility Coexist)

This section mainly covers currently popular ecosystems, especially those executing incentive programs in various forms. The common characteristic of these ecosystems is that early paper yields are often very high, but the rewards are generally in the form of ecological tokens or protocol tokens, with final yields linked to token price performance.

For example, the currently popular Sonic, taking the mainstream DEX protocol Shadow as an example, reports an apr of 38.2% for the USDC.e - scUSD LP, and an apr of as high as 57.3% for the USDC.e - USDT LP.

However, the reward composition of such pools mainly consists of incentives from xSHADOW and GEMS — to redeem xSHADOW 1:1 for SHADOW requires a duration of 6 months; GEMS serves as a future airdrop certificate for Sonic, but according to official disclosures, the first season's end will require waiting until around June 2025. Overall, while the yield numbers are tempting, the realization of incentives still carries a certain degree of uncertainty.

Another interesting ecosystem is Sui. Recently, Sui has opened incentive subsidies for some protocols within the ecosystem, leading to a relatively rare yield inversion phenomenon in lending protocols like Scallop — where the additional incentives for lending funds exceed the borrowing costs. As shown in the image below, without considering the staking boost, the lending incentives for SUI, sbETH, and sbUSDC within Scallop are all higher than the borrowing interest rates, which means users can profit from both deposits and loans.

Blind Mining Opportunities (Recommended "Two Birds with One Stone")

This section mainly focuses on projects that have not yet had their TGE but have opened deposit channels. Due to the uncertain size of future reward pools (airdrops), the yield situation of this strategy fluctuates greatly. It is relatively recommended to invest in those that already have certain earning capabilities while also considering the "two birds with one stone" opportunity for airdrops.

For example, the previously mentioned Ethreal, which the community likes to call Ethena's "favorite child," currently allows direct deposits of USDe in Ethreal to obtain the certificate token eUSDe. However, this plan does not generate yield and lacks point acceleration, so it is more recommended for long-term deposit users (which is actually just three months) to switch to Pendle LP.

Other opportunities I am currently participating in include 1) Symbiotic, which mainly operates in the form of sUSDe, allowing users to earn 9% apy while accumulating points; 2) Soneium has just launched, aiming to earn the upcoming ASTR incentives while also vying for potential airdrops; 3) Berachian has also deposited some sUSDe through Concrete, but I currently regret it slightly due to high competition and temporary withdrawal restrictions; 4) Perena previously had some funds in the LP pool, but has withdrawn recently due to low apy; 5) I have also placed some funds in Meteora to earn points, but not limited to stablecoins.

Leverage Ratio

Risk always exists in the crypto world, so never put all your eggs in one basket (even though these baskets are often on the same vehicle…). My current stablecoin allocation plan is as follows, for reference only.

I still keep about 30% in basic interest rates, with some in CEX and some in popular on-chain options like Solana, mainly for easy trading at any time;

Pendle is currently my main battlefield, with an investment scale of about 40%, but it will be distributed across different pools, with some in PT and some in LP;

The investment in incentivized ecosystems is relatively small, less than 10%. I have some biases against AC and Fantom's past, so I probably won't heavily participate in Sonic;

I have left about 20% for blind mining in various projects, with specific investment ratios depending on project conditions (basic yield rates, team background, audit status) and personal preferences.

I may adjust this further soon, and will follow up with updates later.

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