Written by: Azuma
This column aims to cover relatively low-risk income strategies centered on stablecoins (and their derivative tokens) in the current market, helping users seeking ideal interest-earning opportunities to gradually expand their capital through U-denominated financial management.
Basic Interest Rates
Odaily note: Basic interest rates currently cover mainstream CEX single-coin financial products and mainstream DeFi lending, DEX LP, RWA and other deposit and market-making schemes.
This week's basic interest rate section mainly wants to highlight two points.
One is Binance LaunchPad/LaunchPool on the CeFi side (including Binance Wallet new token launches). Binance has shown clear efforts recently, launching Nillion (NIL) on LaunchPool last week and Bedrock (BR) on Wallet. Considering the current market sentiment has somewhat recovered, the ideal estimated annual yield for the USDC pool in this LaunchPool could exceed 15% (based on 10 billion FDV calculation, as NIL is not yet online, specific data may fluctuate); Wallet new token launch rewards also exceeded 100 USDC. These are must-grab opportunities, just go for it.
The other is Meteora, where the team officially announced two governance proposals for the MET token last week.
The first governance proposal: increase the token reward share for liquidity providers (LP) from 10% to 15% of total supply; additionally provide 3% of total supply for Launch Pools and Launch Pads participants.
The second governance proposal: propose allocating 20% of total supply to the team, locked for 6 years; additionally allocate 2% from the team's share to M3M3 stakeholders.
Lost community trust can only be repaired with vision, and I'm inclined to trust it again. For specific strategies, consider the current FDUSD-USDC pool with FDUSD incentives (7.32% APY, simultaneously farming Meteora points).
Pendle Zone
First, regarding fixed income, here's the real-time ranking of PT yields for major stablecoin pools across mainstream ecosystems (Ethereum mainnet, Base, Arbitrum, BNB Chain).
For LP, the most important event this week is that Ethena Season 3 has ended (airdrop query opens in early April), but Ethena has simultaneously launched a 6-month Season 4 activity, with current point-incentive pools maintaining previous incentives. From a pure point efficiency perspective, consider the USDe pool expiring on July 31 (max 10.83% APY, 60x Ethena point multiplier) and the eUSDe pool expiring on May 29 (max 7.59% APY, 50x Ethena point multiplier and 1.6x Ethereal point multiplier).
Additionally, other LP pools to consider include the recently funded Level lvlUSD pool (to be discussed later) and CZ's weekend X-interaction projects Astherus USDF (max 16.82% APY, 35x point multiplier) and asUSDF pool (max 13.19% APY, 25x point multiplier).
Always remember, the significance of depositing in Pendle LP is "earning income while farming points for free". The value of points depends on the project's potential, so look for projects with more narrative angles.
Other Opportunities
Continuing from the previous mention of Level, the project recently completed a $2.6 million financing round led by Dragonfly with participation from Polychain.
Level has now opened its points program, where holding, staking (6.86%), and providing liquidity on platforms like Pendle (lvlUSD pool max 13.79% APY, 40x point multiplier) can accumulate points. Total users are currently only 12,438 - excellent investors, low competition, with initial potential for big rewards.
Another project to watch is Perena, founded by Anna Yuan, former Solana Foundation stablecoin lead (pool invite code: GRLJKL), which opened a new points activity (Pre-Season) last week. Currently, there are three main ways to accumulate points (Petals):
Trading (limited to 5 transactions per day): not recommended to deliberately farm, just use normally;
Protocol LP, with different multipliers based on deposit duration (max 3x, requiring 60 days), with relatively low LP yields;
LP on RateX and Exponent, can be understood as Solana's version of Pendle, with relatively higher LP yields, multiplier currently unclear.
Personally, I would recommend the third path, as RateX and Exponent also have some airdrop expectations.
Finally, Backpack also launched a points program last week. For those with daily stablecoin exchange needs, you can use this channel in addition to Perena. Those willing to try hedging strategies can consider participating in Meteora's JITOSOL-SOL pool (9.64%) or Fragmetric staking (8.05%) with SOL, while simultaneously shorting SOL on Backpack, maintaining a certain yield while farming points across multiple platforms.
