Stephen | DeFi Dojo

I've been called to arms.

Here, friends, are the best stablecoin yield opportunities in all of DeFi🧵👇

🚨BOOKMARK THIS THREAD🚨

The hurdle rate for stablecoin yield farmers working with 7 figures or below should be 20% APR. 

Anything below that and you're leaving money on the table.

So, I will not include anything that I don't think has SOME level of scalability nor anything under my 20% hurdle.

Let's begin,

There's a reason @pendle_fi has 5.5 BILLION dollars of TVL.

Fixed Rate / Fixed Date between 20% and 24% with over $135M in liquidity between these options.

Simple as buying the PT and holding until expiry.

But let's talk leverage👇

Some PTs are composable.

PTs on @eulerfinance 
► PT-wstUSR (Spectra): 77% APR
► PT-USDe: 62% APR
► PT-sUSDe: 62% APR

These are enabled both by the Yield King Pendle and also @spectra_finance.

Euler is great because it has automated leverage.

However, some protocols don't have this feature.

This is where @Contango_xyz shines.

Contango lets you to tap into the deep liquidity of protocols like @MorphoLabs to auto-leverage PT yields.

► PTsUSDe: 81%
► PTUSDe: 68% 

But not everyone likes leverage.

For that, we have stability pool LPs.

First, @protocol_fx.

APR: 24%-27%

26% on @ConvexFinance 

Here, you're earning wstETH fees from leverage traders while also earning FXN (boosted on Convex)

Then there's @LiquityProtocol 

They recently launched V2 and their new stablecoin $BOLD which has multiple stability pool APRs ranging between 15% and 32%.

BUT, you should also know that they made V2 to be forked. 

And this gets really interesting...👇 

There are ~20 Liquity V2 forks coming, each planning to airdrop 2-10% FDV to BOLD users

I'm assuming the average FDV of a fork will be ~$15M (there will be one HyperLiquid, Berachain, Sonic, etc)

This is speculative, but safe to say Forks should add a big boost to BOLD farming 

My baby, $RLP

Sure, this isn't a stablecoin exactly (it's a stablecoin Jr Tranche). But I love it because of the yield.

It has a 7Day APR of 26% & is based on the same sort of basis strategy as Ethena.

It's also easily leverageable on @eulerfinance for >70% APR (plus points)

One for the lazies,

@ether_fi has a stablecoin vault getting 30% consistently, managed by UltraYield, that requires zero maintenance.

It also gets EtherFi & @veda_labs points.

To see the underlying strategies, check out the vault's debank:
https://debank.com/profile/0xbc0f3b23930fff9f4894914bd745ababa9588265

We do a little OOGA BOOGA,

Currently the vast majority of Boyco TVL is in Bucket 1.

If you have no idea what I'm talking about, read this first:
https://x.com/phtevenstrong/status/1884993757654692234

That means MAJORS might see some insane relative APRs. $HONEY and $USDC are some majors to consider. 

🐻Currently Majors TVL is $160M⛓️

If we assume this DOUBLES (in the next three days before deposits close), we're still looking at an average additional APR of 57% to 239%.

Note: this depends on where Berachain's FDV is when Boyco ends.

Here are some Majors Stable opportunities for Boyco:

► @origami_fi USDC
► @Dolomite_io USDC / HONEY
► @KodiakFi USDC<>HONEY
► @D2_Finance USDC Vault

NOW, please note that this can get crazy diluted at the last moment on Sunday, some are expecting this, AND there's a lock.

Speaking of @berachain, there's also @reservoir_xyz's Hybrid rUSD<>HONEY vault.

This gets 3x Reservoir points & 2.69X Bucket 1 Boyco points.

Reservoir will have a 10% Airdrop around 20B points.

► At 100M FDV, that's +83% for 3x
► Boyco ought be another 17%

Total: 100%+ IMO

NOW,

My friend @OG_RogerTennis has also looked at Reservoir numbers and thinks the srUSD looping on @MorphoLabs could get as high as 500% APR:

https://x.com/OG_RogerTennis/status/1885053052136136773

My own numbers are actually rather absurd, so I'll default to his hear. Give it a read. 

For @SonicLabs Maxxis, RINGS

Sonic's having an airdrop, and we know most of the details:

► 200M S over 1Yr
► First Airdrop is 6mo (July)
► First Airdrop 50-60% of total
►25% Immediately liquid
► 75% Vested through NFT

@Rings_Protocol is the best stablecoin play here.

The most straightforward way to play this is @spectra_finance (Pendle soon).

You can LP scUSD for 25.5% APR PLUS 
• 12x Sonic points
• 2x Rings Points
• 3x Veda Points

If you aren't interested in points, you can just snag 28% fixed rate / fixed date all the way until June by buying the PT: 

It should also be mentioned that @GearboxProtocol still has insane yields on the Sky Rewards Rate and the Sky Savings Rate.

The average APRs over the last month have been &gt;50% and are currently both sitting at &gt;75%

Granted, there's only about $400K of GHO to borrow. 

This should count:

@ether_fi🤝@bitgetglobal : 90% APR

► Mint weETH (500K ETHFI Incentives) +24%
► Deposit into Bitget (1,000K ETHFI Incentives) +36%
► Use weETH as Margin to short ETH Value (+30%)

Total: 90% Delta Neutral

Read More:
https://x.com/phtevenstrong/status/1884296422771535929

THAT'S IT FOR NOW

Ambassadorships:
► Contango
► EtherFi
► Gearbox
► Euler
► Pendle
► Reservoir
► Sonic
► F(X)

If you think you can top any of my yields (with strategies that can handle >$1M) please show me up in the comments below.