Original | Odaily Planet Daily (@OdailyChina)

Author | Azuma (@azuma_eth)

The market has gradually entered a dull phase, but for arbitrageurs, there is never such a thing as garbage time.

In the past three weeks, we have shared three installments of “A More Suitable U-Based Financial Strategy for Lazy People (February 24)”, “A More Suitable U-Based Financial Strategy for Lazy People (March 3)”, and “A More Suitable U-Based Financial Strategy for Lazy People (March 10)”, aiming to cover relatively low-risk yield strategies centered around stablecoins (systematic risks can never be completely eliminated) in the current market, helping users who wish to gradually increase their capital through U-based financial strategies find more ideal earning opportunities.

This week continues the update, and Odaily Planet Daily will keep focusing on the latest trends in the U-based financial market.

Base Interest Rate

Odaily Note: The base interest rate currently covers single-coin financial products from mainstream CEXs, as well as mainstream DeFi lending, DEX LPs, RWA, and other DeFi deposit schemes.

For single-coin financial products within CEXs, apart from the subsidized amounts (generally within 500 U), others are still not recommended.

• To add, last week Binance Wallet launched a new investment opportunity for Bubblemaps (BMT), with single-number returns around 70 USDT — although this does not fall under the financial product category, from an arbitrage perspective, such opportunities are essential, and the more accounts, the better. BNB tokens can be borrowed through Venus, with almost no loss in the entire borrowing and repaying process.

In terms of DeFi, consider depositing idle funds into the following pools.

• Fluid has been deployed to Polygon last week, currently the APR for USDT single-coin deposits is 11.91% (paid in POL incentives) — Fluid itself, as a mainstream EVM protocol, has a certain level of security assurance, and the wear and tear for entering and exiting Polygon is very low, making it suitable for low-risk players looking for higher yield paths for their idle funds;

• Meteora had originally withdrawn funds, but last week the team reiterated the LP incentive (translated: airdrop) content, so they went back in… Although the team has some questionable practices in market manipulation, the product itself performs well, and investment can be considered. Depositing through the Kamino Liquidity entrance, the Meteora FDUSD-USDC LP now reports an APY of 8.28%, and you can also earn Meteora points simultaneously — other options like OrcaFDUSD-USDT LP have a higher APY (14.78%), but lack the airdrop expectation, so the specific choice varies by individual.

Additionally, some smaller ecosystems can yield higher returns while also earning ecosystem or protocol points (airdrop expectations), such as Shadow on Sonic, Kyo on Soneium, and Echelon on Aptos; previous recommendations have been made, so I won't elaborate further here.

Moreover, the stablecoin project Falcon under DWF can also yield higher returns, but access requires a whitelist application; for more details, see “Annualized 22.6%, How Falcon Finance Supported by DWF Partners Achieves High Returns”.

Pendle Section

First, regarding fixed income, the real-time ranking of PT yields for major stablecoin pools within mainstream ecosystems (Ethereum mainnet, Base, Arbitrum, BNB Chain) on Pendle is as follows.

This weekend (March 23), the Ethena third season airdrop will end, and users who previously invested USDe and sUSDe in YT and LP forms are expected to see “returns” soon; at that time, we can consider whether to participate in the fourth season based on actual yield conditions.

For those willing to invest assets in smaller ecosystems, forming LP in the Sonic aUSDC pool can achieve a maximum APY of 20.24% (requires staking PENDLE; without staking, the APY is 9.495%), and you can also earn 10 times the Sonic points; I personally think this is the most straightforward and relatively efficient way to participate in the Sonic ecosystem right now.

Other Opportunities

Continuing with Sonic (by the way, please fill in the invitation code: OO5ZUD), I personally believe this is one of the most diverse ecosystems in DeFi right now, with different participation strategies suitable for various risk preferences.

For example, since lending protocols like Silo now support some Pendle PT as collateral, this brings users more opportunities for circular lending, thus achieving higher yields and scoring speed.

For instance, the circular lending strategy recommended by @defimago: Deposit USDC into Rings to exchange for scUSD ➡️ stake scUSD to exchange for stkscUSD ➡️ stake stkscUSD to exchange for wstkscUSD ➡️ exchange wstkscUSD in Pendle to buy wstkscUSDPT ➡️ collateralize wstkscUSDPT in Silo and borrow USDC ➡️ repeat the cycle, achieving 117% APY (directly quoted from @defimago's data, not personally tested) + multiple points…

Aside from more professional DeFi players who diligently monitor their positions, I personally do not recommend ordinary players to repeat this strategy, as the extended paths and increased leverage will inevitably introduce additional risks.

Additionally, revisiting Noble, due to the high enthusiasm of users for depositing into the points pool, the yield pool (Boosted Yield Vault) has already risen to 17.2% (funds in the points pool cannot earn interest, and profits are transferred to the yield pool)… I personally think it’s reasonable to consider splitting deposits, wanting both.

The highlight of this issue is that last week the derivatives trading protocol Vest** launched a points program — Vest recently completed a $5 million financing round, with investors including BlackRock, Jane Street Group, etc., which is quite promising for the future.**

Currently, depositing LP directly with stablecoins in Vest can yield about 15% APY, and you can participate in mining points right away.

You might be thinking about last week’s incident where Hyperliquid’s HLP was countered by a whale… The founder of Vest explained how to avoid such situations, so please consider participating based on your own judgment.

Finally, reiterating that systematic risks in DeFi can never be completely eliminated, please bear the risks yourself and do your own research (DYOR).

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