DeFi Vaults Issue #69

⚡️What’s new?⚡️

🏆 Biggest Winners & Losers: Blockchain's sorted by DEX Volume and TVL

🏦 DeFi Yield Overview: Stablecoin yields on multiple chains (Polygon, Ethereum, Arbitrum, Avalanche, and Optimism)

⛓ On-chain Narrative: Battle of the L2s: Base vs. Optimism

💸 Stablecoin Yield Finder: Using capital efficiency (Volume/TVL) to find yields

🏆 Biggest Winners & Losers

Total Value Locked (TVL)

DEX Volume

🏦 Yield Overview

Liquid Staked Tokens

MATICx LP - 4.6% (StaderLabs)
mSOL - 8.14% (Marinade.Finance)
sAVAX - 5.97% (BENQI)
frxETH - ~3.8% (Frax Finance)
ETH+ - 3.2% (Reserve Protocol)

Stablecoin Yields List

Ethereum

$eUSD+FRAX/USDC - 4.5% APY (CurveFinance)
$hyUSD/$eUSD - 8.3% APY (CurveFinance)
$MIM/$DAI/$USDC/$USDT - 6.13% APY (BeefyFinance)
$R-DAI - 9.87% APY (BeefyFinance)
$TUSD/$DAI/$USDC/$USDT - 2.22% APY (BeefyFinance)
$USDT - 12.68% APY (IronBank)

Polygon

$DAI (gDAI vault) - 4.3% APY (GainsNetwork)
$jEUR/$PAR - 7.2% APY (BeefyFinance)
$MAI/$USDC - 8.3% APY (BeefyFinance)

Optimism

$USDC (hot tub) - 1.6% APY (Perp Protocol)
$jEUR/$PAR - 7.43% APY (BeefyFinance)
$LUSD/$DAI - 5% APY (BeefyFinance)
$LUSD/$USDC - 3.4% APY (BeefyFinance)

$LUSD/$USDT - 3.9% APY (BeefyFinance)

Avalanche

$MIM/$USDT - 9.4% APY (TraderJoe)
DAI.e/USDC - 1% (TraderJoe)

Arbitrum

$agEUR/$USDC.e - 3.6% APY (BeefyFinance)
$DAI - 4% APY (BeefyFinance)
$MIM/$USDC.e/$USDT - 7.7% APY (BeefyFinance)

⛓ On-chain Narrative

Battle of the L2s: Base vs. Optimism

Base, an Ethereum layer-two (L2) blockchain developed by Coinbase, has been generating a lot of buzz, and TVL.

While Base has yet to surpass Optimism in Total Value Locked (TVL), the introduction of major DeFi protocols on Base is undeniably boosting its TVL. Even though Base hasn't outperformed Optimism in TVL at this point, it has demonstrated impressive figures in terms of Daily Active Addresses and Transactions:

Base's on-chain performance will be a key point of interest in the upcoming months. Nevertheless, it's worth noting that Base's success will, in fact, have positive repercussions for Optimism. This is due to the fact that Base is built using the open-source OP Stack in partnership with Optimism. Moreover, both networks have concurred that Base will allocate 15% of its net revenue towards supporting public goods on Optimism. Additionally, Base will have the potential to acquire up to 2.75% (equivalent to 118 million $OP) of the OP token supply over the course of the next six years.

💸 Stablecoin Yield Finder

Capital efficiency, also known as the ratio of volume to Total Value Locked (TVL), is the most effective method for identifying optimal yields. A higher ratio signifies that the fees generated by the volume are in proportion to the TVL. Here's why:

Liquidity Providers (LPs) receive a percentage of the fees generated from the overall volume. Therefore, if there is an increase in volume to offset the Total Value Locked (TVL), it leads to higher yields ⬆️.

Let's use the capital efficient method to spot lucrative Stablecoin vaults on zkSyncEra. We can see the most capital efficient DEXs on zkSyncEra are as follows: