USDS just launched stUSDS, offering a 40% APR until the TVL hits 50M. This is a hard subsidy based on USD. After reaching 50M, the APR will gradually shift from 20% to a dynamic yield. Deposits in stUSDS are used as collateral for SKY token loans. The risk level is the highest, but it's designed to be isolated from other lending markets, with a very low initial LTV. If you can accept this level of risk, it’s essentially a high-yield investment. Sky has strict regional access restrictions. Another entry point is via @sparkdotfi, where deposits are about to break 100M. It’s currently showing a 20% yield, but it’s expected to gradually transition into a dynamic interest rate phase. One thing to note is that in the early stages, stUSDS doesn’t have an automatic liquidation mechanism—it relies on manual governance for liquidation. This approach is meant to address the risk of insufficient SKY liquidity in the early stages. How this will be adjusted in the future hasn’t been disclosed yet, but it seems to be part of a long-term plan.