In a dull market consider this stablecoin appreciation strategy

Original | Odaily Planet Daily
Author | Azuma


The cryptocurrency market has once again suffered a major setback today. While Bitcoin’s own decline has narrowed to less than 1%, the altcoin sector has collectively plunged in the short term with SOL, PEPE, ORDI, ARB, TIA, and other representative altcoins in different tracks recording over 10% or even 20% declines.
Although the secondary market is currently in turmoil, for ordinary investors, besides direct trading, there is another relatively slow but stable operating mode – using major DeFi protocols to implement relatively low-risk, high-yield interest strategies with stablecoins.
In the following text, Odaily Planet Daily will recommend several stablecoin interest strategies found online based on its own operational experience. These strategies, while relatively simple in operation, generally yield stable returns of 10% or even 20%. Some strategies can also interact with some underlying networks or DeFi protocols that have not yet launched tokens, achieving a “multiple benefits from one action” scenario.
It is important to note that no DeFi protocol can completely avoid contract risks. Some DeFi protocols may also face liquidity risks, composability risks, and so on due to their business models. Therefore, when choosing to execute a specific strategy, it is essential to understand the specific risks in advance and try to avoid “putting all your eggs in one basket.”
Ethereum Mainnet
Recommended Strategy 1: Ethena sUSDe
Operation Method: Purchase USDe directly on the Ethena website, then pledge it to exchange for sUSDe;
Real-time yield: 17.5%;
Income composition (types of reward tokens that can be obtained): sUSDe appreciation (can be exchanged for more USDe);
Other potential income: ENA Phase Two airdrop;
Note: Ethena’s sUSDe is currently one of the highest APY opportunities in the cryptocurrency market with a large stablecoin mining pool (in the tens of billions of dollars range), far surpassing tokenized national debt products like MakerDAO’s sDAI. The real-time APY of sUSDe will vary with the market leverage situation, but historically has remained at a consistently high level. Additionally, through sUSDe, one can also accumulate Ethena’s Phase Two airdrop tokens called sats (accumulation efficiency is low, but stable in returns), to obtain ENA’s next airdrop.


Recommended Strategy 2: Gearbox lending deposit
Operation method: Deposit various stablecoins on the Gearbox website through Earn;
Real-time yield: Generally above 10% except for USDT;
Income composition: Mainly stablecoins supplemented with a small amount of GEAR incentives;
Note: Gearbox, as a leveraged lending protocol, actually supports higher-yield leverage gameplay (Farm), but this operation has a certain threshold for ordinary users. Therefore, it is recommended to opt for a relatively simple deposit gameplay (Earn, essentially lending deposits). The reason for recommending this mining pool is that Gearbox’s income composition primarily consists of stablecoins, making the actual returns relatively stable and avoiding significant drops in returns due to plummeting incentive tokens.


Solana
Recommended Strategy 1: marginfi and Kamino lending deposits
Operation method: Deposit USDT or USDC for interest on marginfi or Kamino;
Real-time yield: 12% – 16%;
Income composition: Stablecoins;
Other potential income: marginfi airdrop and Kamino Phase Two airdrop;
Note: marginfi and Kamino are the top two lending protocols on Solana. Due to the active trading activity in the Solana ecosystem, the demand for lending on this ecosystem is generally higher than other ecosystems, resulting in higher yields for marginfi and Kamino compared to other ecosystem’s lending protocols. Additionally, marginfi has not yet TGE, and Kamino’s Phase Two points activity is ongoing, both with certain potential airdrop incentives expectations.


Starknet
Recommended Strategy 1: Ekubo LP
Operation method: Use USDT and USDC to form a trading pair on the Ekubo website and participate in liquidity provisioning;
Real-time yield: 26.69%;
Income composition: Mainly STRK, supplemented by native liquidity provision income;
Note: Benefiting from Starknet’s DeFi Spring incentive program, the returns from participating in various DeFi protocols on Starknet are quite attractive. Ekubo, as the largest DEX protocol in this ecosystem in terms of liquidity and trading volume, is a good choice in terms of balancing security and yield.


Recommended Strategy 2: zkLend and Nostra liquidity provision deposits
Operation method: Deposit USDT or USDC for interest on zkLend and Nostra;
Real-time yield: Around 20%;
Income composition: Mainly STRK, supplemented by stablecoin native income;
Note: A basic lending protocol similar to marginfi and Kamino on Solana, but the income composition mainly consists of STRK incentives (similar to Ekubo). Users who are optimistic about the future performance of STRK can consider participating.


Scroll
Recommended Strategy 1: DODO LP
Operation method: Use DAI, USDT, USDC, etc., to form trading pairs on the DODO website and participate in liquidity provisioning;
Real-time yield: 12% – 15%;
Income composition: Mainly DODO, supplemented by stablecoin native income;
Other potential income: Scroll airdrop incentives;
Note: With major Layer 2s continuously launching tokens, Scroll, which has not yet launched tokens, has gained more attention and liquidity. Looking at the various DeFi protocols on Scroll, DODO, as a veteran DEX, is relatively trustworthy in terms of security. Benefiting from DODO’s liquidity incentive program, its stablecoin trading pairs also have high APY performances, making it a significant area for interacting with Scroll.


Aptos
Recommended Strategy 1: Echelon lending deposit
Operation method: Deposit various stablecoins for interest on Echelon;
Real-time yield: 11% – 17%;
Income composition: Stablecoin native income combined with APT incentive income;
Other potential income: Echelon airdrop income;
Note: Echelon is the second-ranked lending protocol in terms of TVL on Aptos, second only to Aries Markets. However, perhaps due to being selected for the Aptos incentive program, the comprehensive APY on this platform is significantly higher than the latter. Additionally, Echelon has already launched a points program, meaning that participating in this protocol currently also has certain potential airdrop expectations.


Sui
Recommended Strategy 1: Cetus LP
Operation method: Use USDT, USDC, etc., to form trading pairs on Cetus and participate in liquidity provisioning;
Real-time yield: 16.28%;
Income composition: Mainly SUI incentives, supplemented by CETUS and stablecoin native income;
Note: The largest DEX protocol on Sui, the income mainly comes from the ecosystem incentives provided by Sui.


Once again, emphasize risk
The above are some of the stablecoin interest strategies we currently recommend.
For risk control and complexity considerations, the above strategies only cover relatively simple DeFi operations involving basic activities like staking, deposits, LP, etc. However, the potential returns that can be obtained are generally higher than passive financial management within exchanges. For users who are unsure of how to operate in the secondary market and do not want stablecoins to remain idle, consider these strategies.
Lastly, it is important to reiterate that the DeFi world is a dark forest that is always accompanied by risks. Before operating, it is crucial to understand the risks in advance and DYOR.