[Serenity] Weekly Stablecoin Alpha - 28 July 2023
Featured High Yield Pools
Selection criteria: TVL over 50k; APY>30%
26% and $0.2m TVL
Ramses is one of the few surviving Solidly forks. This week it has some very niche vaults with over 20% yield. Check out its FRAX-DOLA or FRAX USDC, or most ERN vaults.
25% and $0.5m TVL
Mai has depegged for about 6% but you can still borrow it on Polygon, Optimism or Arbitrum, and find single-sided pools, such as the Yearn vault, or Sonne Finance.
Stablecoin High Yield Leader Boards
Selection criteria: TVL over 100k; APY>25%
Stable.Fish
Quick commentary and notes on Leader Boards:
[Risk] IronBank USDC on Fantom is anyUSDC.
Opyn USDC is the option premium vault that underwrites options issued by Opyn.
[Risk] Geist: Ceased operation due to Multichain hack.
[Risk] Thena DOLA-cUSD: Thena is one of the few striving Solidly forks on BSC. Dola is the algorithm stablecoin by Inverse Finance. DOLA on BSC depegged due to Multichain hack. We have not covered cUSD, a stablecoin by Coin98 exchange.
Pendle Dai is the Pendle Finance Gains Dai vault.
Pendle USDT is the Pendle Finance Stargate USDT vault.
Homora is a lending market for leverage traders.
Ironbank is the service provider for Homora, so this is the same vault as Homora vault.
Defillama
Quick commentary and notes on Leader Boards:
[Error] Gamma WUSDR-DOLA: the APY now is about 15% on a TVL of $2.6m.
[Risk] Equilibre Mai is trading at 75 cents now, due to lack of bridge liquidity. Mai liquidity is only managed by the issuer QiDAO.
[Error] AxlUSDC-USDT on Equilibre is the pair of Axelar bridged USDC and native USDT issued by Tether on Kava EVM. These assets are not affected by Multichain hack. Nonetheless, the APR for AxlUSDC-USDT is 14%.
Ramese LUSD ERN: Ramese is a Solidly fork. ERN is the stablecoin by Ethos Reserves.
Uniswap GHO-USDT: GHO is the stablecoin by Aave.
[Risk] Thena Dola cUSD: see explanation in the above section.
Ramese GRAI-LUSD: Ramese is a Solidly fork. Grai is the LSD stablecoin by Gravita Protocol. The yield is 9% now.
[Risk] Geist MIM: see explanation in the above section.
In-Depth Thread or Article Summary
Exactly launching EXA token and farming incentives
Exactly is a fixed rate lending market on Optimism. It just launced its token and is giving farming rewards now.
Mai Depeg
Stablecoin $mai depeg 6% as additional bad debt revealed on top of the multichain hack. Team is dealing with the issue actively.
Stablecoin legislation stopped in USA
House lawmakers recently hit a roadblock in reaching a bipartisan agreement on stablecoin legislation. The Financial Services Committee Chair, Patrick McHenry (R-N.C.), pointed fingers at the White House for the deadlock.
Ethena Labs raised 6m to develop new stablecoin
Ethena raised $6.5M seed round led by @dragonfly_xyz and @cryptohayes and major derivative exchanges. It aims to build $USDe, collateralized through delta-hedging ETH collateral on centralized and decentralized exchanges.
Solidly Fork Stablecoin Yield Summary
Disclaimer
The information provided on this document and the referenced sources do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the content as such. The author of the document makes no representation or warranty as to the accuracy and or timelines of the information contained herein. A qualified professional should be consulted before making any financial decisions.