Here is the English translation of the text, with the content within <> retained without translation, and no additional analysis or explanation added: The latest trends in U-based financial management in the current market downturn, covering the yield changes in CEX and DeFi, fixed income opportunities, and potential airdrop strategies. How to effectively improve capital utilization in this market? This article will provide you with practical strategies and market trend analysis. (Background: The market correction is painful, the U-based financial management strategy more suitable for lazy people is here) (Supplementary background: The market correction is hurting people, the U-based financial management strategy suitable for lying flat Vol.2 is here) Table of Contents - Basic Yield - Pendle Area - Other Opportunities The market has fallen again, and the demand for financial management has risen again, and there seems to be an unknown inverse proportion function between the two. In the past two weeks, we have shared the first issue The market correction is painful, the U-based financial management strategy more suitable for lazy people is here and the second issue The market correction is hurting people, the U-based financial management strategy suitable for lying flat Vol.2 is here, aiming to cover the current market's relatively low-risk yield strategies (systemic risk can never be eliminated) centered on stablecoins (and their derivative tokens), helping users who want to gradually expand their capital scale through U-based financial management to find more ideal income opportunities. In this issue, we will continue to focus on the latest developments in the U-based financial management market. ### Basic Yield Odaily Note: The basic yield temporarily covers the single-currency financial management schemes of mainstream CEXs, as well as the DeFi deposit schemes such as on-chain lending, DEX LP, and RWA. Affected by the market downturn, the basic yields of major CEXs and DeFi have also been sluggish - the annualized yield of USDT single-currency financial management on OKX has dropped to 1%, and the sUSDe APY on Ethena has also dropped to 4.99%. For the CEX side, except for the funds planned for buy the dips in the short term and the subsidized portion (generally within 500 U, currently Gate and Bitget are relatively higher, you can shear more sheep), the remaining funds are not recommended to be kept in the CEX, as the yield efficiency is really too low. The situation on the DeFi side is relatively better, but still not ideal. It is difficult to find pools above 10% on the most mainstream chains like Ethereum, Solana, and Base, but there are still some in the smaller ecosystems. For example: - Sonic's Shadow: USDC.e/USDT LP 18.3%; - Soneium's Kyo: USDT/USDC.e LP 17.37%; - Aptos' Echelon: sUSDe 17.14%, USDC 13.53%; In addition, you can pay attention to Fluid, which will be deployed on Polygon soon. According to the latest proposal, the two parties are expected to provide some additional incentives, and Fluid's deposit APR is relatively high among mainstream lending protocols, so the expected yield after incentives should be good. ### Pendle Area First, let's talk about fixed income. The current PT yield rate ranking of the major stablecoin pools in Pendle is as follows. Considering the underlying asset status (reputation, liquidity, etc.) and maturity, I would recommend the USR (PT 14.6%) maturing on April 24 on Base and the eUSDe (PT 13.7%) maturing on May 29 on the mainnet. This week, I want to talk about the whale movements on Pendle. On March 8, whales swept $70 million worth of USDe YT (maturing on March 27), indicating that these whales are quite optimistic about the Ethena S3 airdrop that will be launched this month. So now the question is how to accumulate Ethena points more efficiently and keep up with the whales. Let me interject here - the leverage ratio of the USDe YT maturing on March 27 has reached 7132.89x. If you want to accumulate Ethena points as quickly as possible, directly buying YT will be the most efficient path - given that the price of YT will drop to zero on the maturity date, this is actually a trading behavior and is not covered in this series of articles. Without wanting the principal to be eroded, compared to buying PT (higher fixed income), I would currently recommend users to participate in the form of LP (lower face yield + retaining position in points), and recommend the USDe pool with a maximum leverage of 60x maturing on July 31. ### Other Opportunities Last week, we compiled and shared some farming strategies on Sonic (see Three Leverage Strategies to Efficiently Capture Sonic's June Airdrop), but these strategies either require spot-futures coordination (spot + short position) to hedge, or rely on the native protocols on Sonic, with certain security concerns. Now the situation has changed! After being deployed on Sonic last week, Aave has quickly raised the capacity limit of the stablecoin pool (USDC) to 70 million, and this pool can now earn an 8% fixed incentive (the incentive needs to be claimed through Aavechan later, and there is also a 0.8% deposit APY), as well as 10x Sonic points.

The key point is that since Aave itself supports borrowing and lending of the same asset (depositing USDC and borrowing USDC), there is no need to worry about price feed volatility (such as the S/stS pool, where there is always a concern about unexpected de-pegging), so you can use leverage without any worries - the current borrowing cost of this pool is 3.25%, and the deposit yield is sufficient to cover it, after a few rounds of revolving loans, the base yield and accrual rate can be increased n-fold.

So, just use Aave!

In addition, Noble launched a yield-bearing stablecoin USDN last week and simultaneously launched a rewards program, the embarrassing thing is that the deposit rewards pool does not receive the native yield of USDN (4.3%), so there is no way to "double dip", in contrast, the non-rewards pool has already reached a yield of 14.1%, whether to focus on yield or rewards is up to individual preference.

Finally, Movement is expected to open its public mainnet on March 10th local time, and there may be some mining rewards, so you can keep an eye on it, and if I see any good pools, I will update them in time on X (@azuma_eth).