Original | Odaily Planet Daily (@OdailyChina)

Author | Azuma (@azuma_eth)

The Crypto King shills, the market warms up.

A big green candle quickly covers the pain of the plunge, the FOMO sentiment surges, and the calls for "100,000" or even "new highs" start to emerge... This time, how will the story end?The market changes rapidly and is difficult to predict. To steadily succeed in the uncertain market, you need to find those paths with certainty.

Last week, we shared the first episode of 《A Lazy Person's Guide to U-Pegged Financing (February 24)》, aiming to cover the relatively low-risk (systemic risk can never be eliminated) yield strategies centered on stablecoins (and their derivative tokens) in the current market, helping users who hope to gradually scale up their capital through U-pegged financing to find more ideal income opportunities.

This week, we will update the second episode as scheduled. Starting from this issue, we will no longer dwell on some repetitive sections (you can refer to the previous ones if needed), and the focus will be on the new opportunities of the previous week.

Basic Yield

There's not much to say about the basic yield part, as this is the least efficient financing plan - the current APY of single-token financing on CEXs is simply appalling, and the mainstream DeFi protocols on-chain are not very ideal either, except for the stablecoin pools of Fluid and Morpho.

There are two points I want to mention.

One is that the Launchpad/Launchpool on the CEX side still has relatively high participation value, such as last week Binance opened the Launchpool for Redstone, and for the first time supported the staking mining of USDC, with the current price of RED at $0.8 (subject to price limit, will be higher), the comprehensive yield of the USDC pool is about 33%.

The other is that some CEXs will launch some time-limited subsidy activities due to the need to attract new users, such as Bitget currently offering new users an 80% APY for 20 days (capped at 1500 USDT).

Pendle Zone (with RateX and Exponent)

In terms of fixed income, the real-time ranking of PT yield rates in the major stablecoin pools on the Pendle mainnet is as follows. There are also some higher pools (USR, asUSDF, etc.) on Base and BNB Chain, with the highest approaching 20%.

On the LP side, Pendle added some new pools last week, two of which are worth noting.

One is the USDe pool expiring on July 31, the current basic APY for doing LP in this pool is 9.385%, and it can reach up to 16.79% with sufficient PENDLE staking. The feature of this pool is that Ethena has given the highest historical 60x stas score bonus.

The other is that Pendle has also expanded to the Sonic ecosystem recently, the only current stablecoin pool is the wstkscUSD pool expiring on May 29, the current basic APY for doing LP in this pool is 16.28%, and it can reach up to 25.45% with sufficient PENDLE staking. Meanwhile, it can also earn a 12x Sonic score bonus.

Last week, some friends asked if there are similar products to Pendle in the Solana ecosystem, and the answer is yes, such as RateX and Exponent, but their overall TVL scale is currently much smaller than Pendle, and there are not many pools to mine.

I have put a small amount of funds in the USD* pools (doing LP, earning both yield and scores) on RateX and Exponent, and the issuer of USD*, Perena, is suspected to be in a new round of financing recently, so there is a certain "double-dip" expectation.

To add, there are still quite a few SOL-pegged fixed income opportunities on RateX and Exponent, with the highest reaching over 17%, which is much higher than direct staking. Everyone can evaluate the risks and participate accordingly.

Other Opportunities

The most surprising pool last week was the sUSDe pool on Aptos' Echelon.

Last week, Ethena announced that it would enter the Move ecosystem, and the first collaborative project is Echelon, where sENA holders can share 5% of Echelon's airdrop in the future, and Echelon has already launched the sUSDe pool - under Aptos' official incentives, the current APR (note, APR) of this pool is temporarily reported at 27.45%, and you can also earn Echelon's scores.

Sonic is still showing a strong trend, in addition to Pendle, Aave and Compound will also be deployed soon, and users with lower risk appetite can consider it, as in addition to the basic yield income, there is an extra layer of Sonic score income expectation.

Another neutral play around Sonic is the term arbitrage on S, which was shared by the KOL Stable Jack, and even AC has forwarded it - the general path is as shown in the image, and the yield can be around 25% - 28% (untested).

In short, there are still quite a few income opportunities in the current market. If you are tired of the fast-paced PVP, you might as well try a different pace.

Finally, I'd like to ask everyone to give me a follow. The on-chain yield rates fluctuate quite rapidly, and although this column tries to update weekly, the frequency still cannot keep up with the market dynamics in real time. Interested friends can follow my X account @azuma_eth, although I'm quite lazy, I'll still share good pools as soon as possible.

Inch by inch, let's be friends with time.