As the crypto bull market continues, traders and investors look to leverage their holdings for more directional exposure or to reduce counterparty risk when depositing to exchange venues. With a massive ramp-up of borrowing comes juiced-up stablecoin yields as a supplier - finally, DeFi once again provides yields that top your risk-free rate on money market funds.
Does this increased yield come at a significantly higher risk due to, for example, smart contract vulnerabilities? Yes, it does, and only you will know your risk tolerance in deciding whether to capitalise on the following yield opportunities that we expect to get even better as the crypto markets get more heated throughout 2024.
Stablecoin Yield Opportunities
All represented yields are as of 10/01/2024 and are subject to change, so be sure to check on the respective dapps to compare which has the highest rate at a given time.
All protocols are audited.
Compound
Relative Risk: 1/5
Networks: Ethereum, Arbitrum, Polygon, Base
Yield:
Supplying USDC: 8-10%~ APR
Link: app.compound.finance
Aave
Relative Risk: 1/5
Networks: Ethereum, Arbitrum, Optimism, Avalanche
Yield:
Supplying USDC/DAI/USDT/LUSD: 10-20%~ APY
Link: app.aave.com
Trader Joe
Relative Risk: 2/5
Networks: Arbitrum, Avalanche
Yield:
USDC/USDT/USDT.e/USDC.e Pools: 15-20%~ APR
USDV/USDC Pools: 70%~ APR (with JOE Rewards)
Link: traderjoexyz.com
Stargate
Relative Risk: 3/5
Networks: Ethereum, Arbitrum, Avalanche, Base, Kava, Polygon, BNB, Optimism
Yield:
Supplying USDT/USDC: 8-10%~ APY
Link: stargate.finance/farm
Gearbox
Relative Risk: 3/5
Networks: Ethereum
Yield:
Supplying USDC: 10%~ APY (with GEAR rewards)
Link: app.gearbox.fi/pools
Convex
Relative Risk: 3/5
Networks: Ethereum
Yield:
crvUSD/LUSD Pool: 20%~ APR (with CRV, CVX rewards)
crvUSD/USDP Pools: 18%~ APR (with CRV, CVX rewards)
crvUSD/sUSD Pools: 18%~ APR (with CRV, CVX rewards)
crvUSD/USDTPools: 10%~ APR (with CRV, CVX rewards)
Link: convexfinance.com/stake
GMX
Relative Risk: 3/5
Networks: Arbitrum
Yield:
Supplying USDC/USDT/DAI: 10-15%~ APR (with ARB rewards)
Link: https://app.gmx.io/#/earn
Maverick
Relative Risk: 3/5
Networks: Ethereum
Yield:
Supplying GHO/USD: 15-20%~ APR
Link: app.mav.xyz/boosted-positions?chain=1
DeltaPrime
Relative Risk: 3/5
Networks: Avalanche, Arbitrum
Yield:
Supplying USDC: 10—20%~ APR
Link: deltaprime.io
Across
Relative Risk: 4/5
Networks: Ethereum
Yield:
Supplying USDC/USDT: 15% APR (with ACX rewards)
Link: across.to/rewards
Elixir
Relative Risk: 4/5
Networks: Arbitrum
Yield:
Supplying USDC/USDT: 27%~ APR (with ARB/VRTX rewards)
Link: app.elixir.finance/orderbooks
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Twitter: @TortugaOnchain, @andrew_eth, @galleonlabs
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Disclaimer
The content in this newsletter is not financial advice. This newsletter is strictly educational, not investment advice or a recommendation to buy or sell assets or make financial decisions. Do your own research; crypto markets are volatile.
