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Today’s News Headlines:

• Hyperwave announced it is shutting down.

• Aave launched V3.8 across 15 V3 markets, approved by the DAO and developed by Aave Labs. Its V4 stock-backed loan market on Base reached $25M in deposits.

• Uniswap went live on Hyperliquid’s Elysium with v2, v3, and v4, citing $200M in all-time volume. Jupiter also opened a bridge between Elysium and Solana.

• Arbitrum launched a stablecoin growth program for lending, DEX, and yield projects, stating Morpho’s USDG grew 13x in four weeks.

• Variational opened Omni mainnet to the public and dropped its invite gate.

• Maple said co-founder Joe Flanagan stepped down, reportedly over a strategy split with the CEO.

• Pyth added NYSE reference data for tokenized stocks to its Data Marketplace. The NYSE BQT feed gives real-time top-of-book quotes.

• Katana plans to fund KAT buybacks for stakers from revenue.

Earn up to 30% APR with BOLD/USDC on Aero

Estimated APR is about 14% for ranges covering the historical weekly price, or about 30% for aggressive ranges, on two of the lowest-risk stablecoins: BOLD (ETH-backed) and USDC (cash and Treasuries).

<Farm BOLD/USDC on Aero> | Today in DeFi is supported by Liquity

Farming News:

• GMX launched the GMX Dollar Vault, offering an estimated 7% to 12% base APR plus an 8%+ boost for 8 weeks.

• Frax launched the Frax Ecosystem Accelerator, a frxUSD vault on Morpho curated by Crossworlds.

• Exponent opened pre-deposits for the OnRe Yield Plus Vault, with up to $10K in incentives.

• RockawayX launched the limUSD Lending Vault on Morpho’s HyperEVM, paying USDC depositors lending yield.

• ether.fi introduced Liquid Bold USD, a higher-reward vault launched with Cap App.

• Saturn raised weekly USDat distributions on Pendle, projecting $37,500 on Monad and $17,500 on Ethereum.

• infiniFi said adding TVL, for example via YTs, shortens INFI airdrop vesting.

Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 11% on Stables:

Stable: PT USDat on Pendle, 7.55% fixed

Buy the PT USDat 14 Jan 2027 token at a discount of about 1.3%, and it redeems for 1 USDat at maturity, 64 days from now. That locks in 7.55% a year if you hold to the end. USDat is Saturn’s dollar stablecoin and holds no STRC; that exposure sits only in its staked version, sUSDat.

Stablecoin risk: USDat is backed 1:1 by PYUSDx (MoonPay), which is backed by Paxos’s PYUSD, whose reserves are Treasuries and cash. Only Paxos is independently attested, so the two layers above it rest on trust. Redemption is limited to eligible counterparties, and most holders exit through Curve, about $19M deep. Admin keys can upgrade or freeze the token with no timelock.

Farm risk: The 7.55% is fixed only to maturity. Selling early costs slippage, as PT liquidity is only $1.3M. At the end, you get USDat, not USDC, and part of the discount reflects demand for Saturn’s points.

How to enter

1. Open the market below, connect your wallet, and choose Buy PT.

2. Enter your amount (USDC if offered), check the 14 Jan 2027 maturity and fixed rate, then approve and confirm.

3. After maturity, redeem the PT for USDat in your Pendle portfolio.

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LP: PYUSD/crvUSD on Stake DAO, about 14%

This is a Curve pool of two dollar stablecoins, deposited through Stake DAO’s boosted vault. The rate is mostly CRV rewards, and the pool is small.

Stablecoin risk: PYUSD is issued by Paxos and backed by dollar deposits, Treasuries and cash equivalents, with monthly KPMG attestations. Paxos can freeze addresses. crvUSD is the riskier side: it is minted against ETH, staked ETH and BTC collateral, and held near $1 by soft liquidations (LLAMMA) and PegKeepers. It fell to $0.949 in Aug 2023 and spiked to $1.11 in Jun 2024, and Webacy rates it B+.

Farm risk: About 11 of the 13.8 points come from a Merkl campaign paying a fixed $194 a day to everyone staked here, until 24 Jul 2027. The vault holds only about $632K, so more deposits dilute it: at $2M staked it would be about 3.5%. The reward is a Yield Basis crvUSD wrapper priced near $1, and I could not confirm what it redeems into. If either coin depegs, you end up holding the weaker one.

How to enter

1. Get PYUSD and crvUSD and add them to the Curve PYUSD/crvUSD pool for the LP token. The vault page also has a Zap tab.

2. Deposit the LP token in the Stake DAO vault below. Claim rewards from its Claim tab; the Merkl reward may show up on Merkl instead.

3. To leave, withdraw from the vault, then remove liquidity on Curve.

Find and execute the 15%+ stablecoin yields in minutes
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Premium Guide: Loop Proven Yield-Bearing Stable for 10% APY

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Today’s News Headlines:

• Democrats win House and Senate, Warren set to lead Senate Banking

• onycSOL introduced by Exponent, pre-deposits open with 4x OnRe Points

• Aave V4 lists SPCXc on Coinbase Tokenized Stocks Market

• Blast shuts down L2, sends users to mainnet

• Mercado Bitcoin plans view-only reopening, pledges own funds

• Liquity advertises 33.5% APR for BOLD/USDC on Aerodrome

• Polygon member proposes hard fork to recover 70.49M POL

Earn 20% APY with a Fixed-Rate Borrow Loop on Liquity

While variable-rate loops get squeezed when borrow costs spike, Inverse’s FiRM locks your rate at 4.69%, just 1.02% after Merkl rewards through Dec 12. Loop Liquity’s ysyBOLD earns 5.00% from real liquidation gains and borrower interest, at ~5x leverage, for about 20% net APY.

<Loop ysyBOLD at a Fixed Rate on Liquity> | Today in DeFi is supported by Liquity

This Week’s Farming News:

• Lista DAO’s Saturn Vault offers 10.87% APY on USDT, with vault yield, LISTA emissions, and 5x Saturn Credit Orbital Points. Deposits passed $1.47M.

• Aave’s app offers up to 7.25% APY on several stablecoins, paid every second.

• Kamino launched a PT-ONyc USDG market, so you can borrow USDG against Exponent’s PT-ONyc.

• Aave V4 added collateral swaps on Ethereum, Base, and Avalanche, letting users swap collateral without closing positions.

• Mezzanine launches Nov 5, letting users choose their own yield strategies.

• FalconX’s Structured Credit Facility now accepts cbBTC on Ethereum at an initial 2.32% APY. The minimum deposit is 3 cbBTC.

• Re’s reUSD is live on Monad with Pendle and Morpho: buy PT-reUSD for a fixed rate, take YT-reUSD for ~7% plus 30x Re Points, or borrow USDC against the PT.

• SPCXc is now live on the Aave V4 market for Coinbase Tokenized Stocks on @base. Users can borrow USDC against it.

Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 14% on Stables:

Stake DAO (Ethereum) — Curve crvUSD/sUSDe LP - 14.66% APR

This strategy stakes the Curve crvUSD/sUSDe LP in its gauge and boosts CRV rewards through Stake DAO’s veCRV position, currently 2.30x. The page labels 11.86% as “Trading APY” and doesn’t break out the rest. The remaining ~2.8% would be boosted CRV (my subtraction). There’s no APR history yet. The pool is small: $818K of underlying TVL, with $220K deposited through Stake DAO. Rewards fees total about 16.5%.

What you hold: sUSDe is Ethena’s staked USDe, a vault share that rises against USDe (about $1.25 here), not a $1 coin. Per TID’s sUSDe report, its yield now comes mainly from lending, stable spreads, and RWAs after perp funding fell from about 93% to 11% of the mix. crvUSD is Curve’s overcollateralized stablecoin, held at $0.9987 now, backed by borrowers’ crypto and soft-liquidated through LLAMMA.

How to farm: Deposit the crvUSD/sUSDe LP token on the Stake DAO page (the Zap tab can start with one token) and claim CRV from the Claim tab.

Risk — Medium: The LP holds both coins, so a depeg of either leaves you holding more of the weaker one. sUSDe has shown small secondary-market discounts in stress, and its primary redemption has a 7-day cooldown, so exits go through the market.

Most of the yield depends on the CRV boost and gauge votes, and with no APR history and such a small pool, a $20K deposit is a large share. On the protocol side, LlamaRisk’s liquid-locker assessment flagged elevated multisig rights (unlimited minting, arbitrary code execution), partly mitigated by audits.

Inverse’s review of four public Stake DAO audits found two Critical Pashov findings in a different Stake DAO product (lending). Your funds also pass through the Curve pool, the gauge, the Stake DAO vault and a Convex implementation.

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Morpho (Monad) — SharpByte USDC High Yield - 8.87% APY

Lend USDC to SharpByte’s USDC High Yield vault on Morpho. It lends against two markets: PT-USDat (96.65%, matures 14 Jan 2027) and PT-reUSD (3.35%, matures 10 Dec 2026), and a third market against eTPLUS is enabled but empty.

USDat is Saturn’s Treasury-backed stablecoin, and reUSD is Re’s reinsurance-backed token. The 8.87% includes 6.92% from borrower interest and 1.95% from WMON rewards. The 7-day APY is 9.32%, and the 30-day is 7.33%. The vault launched on 16 Sep 2026, holds $1.49M, and charges a 10% performance fee.

How to farm: Bridge USDC to Monad, open the vault on Morpho, connect your wallet, and deposit. Withdrawals are instant up to the liquid balance, currently all $1.49M. Claim WMON from Morpho’s rewards page (I didn’t test this).

Risk — Medium to High. About 97% sits in PT-USDat, and Hyperithm’s Saturn vault lends into the same market (same $2.99M of liquidity at about 90% utilization), so exits compete for it. Both PT collaterals mature within weeks, so the curator has to roll into new markets, and PT-reUSD on Monad only launched on 3 Nov (about $190K of market liquidity, hence the small 3.35% slice). The vault is seven weeks old with no 90-day history. The curator hasn’t submitted a risk disclosure, Morpho lists no rating, and Morpho shows the owner as a plain address (also the sentinel and allocator) rather than a Safe multisig. Cap increases take 3 days (7 is recommended), and neither PT market has an absolute cap.

Find and execute the 15%+ stablecoin yields in minutes
Save time without checking every protocol manually. DeFi Saver’s Discover page surfaces rates across Aave, Morpho, Spark, and more, lets you simulate leverage before committing, and handles the full loop in one click. Stop leaving yield on the table.

<Discover Yields on DeFi Saver> | Today in DeFi is Supported by DeFi Saver

Premium Guide: Loop Proven PT for 20% APY on Solana

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Today’s News Headlines:

• Allium discloses breach, tells customers to rotate API keys

• Crypto platforms and Korean firms report customer-data leaks

• Kamino launches Backpack Market for tokenized-stock lending

• Jupiter partners with BitGo on institutional validator

• Aero executes first buyback, burns 174K AERO

• Ripple RLUSD goes live on Bitstamp and Robinhood Chain

• DTC-held stocks, ETFs, Treasuries can now be minted as tokens

• Fed holds at 3.75%–4% in 10–2 vote

Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 11% on Stables and >5%on ETH:

Pendle (Ethereum) — PT reUSD, matures Dec. 10, 2026 - 12.05% fixed APY

Buying PT at a discount locks 12.05% until maturity in 41 days, when each PT is worth 1 USDC staked in re.xyz. reUSD is the senior tranche of Re Protocol, which routes stablecoin deposits into fully collateralized reinsurance contracts. Its underlying APY is 6.99%, so the fixed rate sits about 5 points above what the token earns today.

The market holds $285.2M in TVL and $14.87M of depth within ±10% implied yield.

How to farm: Open the market on Pendle, choose PT, and swap USDC for PT reUSD. Hold to Dec. 10 and redeem, or sell earlier at the quoted price.

Risk:

Cushion unclear: Re capital and reUSDe absorb losses first, but TID found no supportable current figure for that cushion.

Exit: reUSD has no peg and its NAV comes from issuer valuation. Primary redemption excludes U.S. holders; Ethereum secondary depth tested at $10M+ before 2% price impact.

Admin: Token upgrades have a 48-hour timelock, but the controlling Safe can mint without delay.

Early sale: Selling PT before Dec. 10 gets the market price, not 12.05%.

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Earn 20% APY with a Fixed-Rate Borrow Loop on Liquity

While variable-rate loops get squeezed when borrow costs spike, Inverse’s FiRM locks your rate at 4.69%, just 1.02% after Merkl rewards through Dec 12. Loop Liquity’s ysyBOLD earns 5.00% from real liquidation gains and borrower interest, at ~5x leverage, for about 20% net APY.

<Loop ysyBOLD at a Fixed Rate on Liquity> | Today in DeFi is supported by Liquity

Loopscale (Solana) — OnRe Growth Vault - 10.03% APY

The vault lends USDC against ONyc, OnRe’s reinsurance token, and also loops ONyc and trades fixed-yield ONyc on Exponent. The 10.03% APY is organic, with no token rewards listed, and the realized return was 9.55% over 30 days.

The vault holds $4.31M against a $10M cap, with 98.44% deployed. Fees are 0.30% management, 0% for standard withdrawals and 0.45% for instant ones.

How to farm: Connect a Solana wallet (e.g., Phantom), open the OnRe Growth vault on Loopscale, and deposit USDC.

Risk:

First loss: ONyc holders absorb claims before anyone else, and the book hasn't had a major claims year.

Exit: Primary redemption needs KYC and is capped near 2.5% of NAV per period. Secondary liquidity was about $2.7M, roughly 1.1% of the book. The vault pays out in Wednesday and Saturday windows unless you pay the instant fee.

Ethena underneath: The collateral float is sUSDe.

Admin keys: Solana upgrade and freeze authority are single wallets, not a multisig.

Stake DAO (Fraxtal) — Curve crvUSD/frxUSD LP - 10.84% APR

This strategy stakes the crvUSD/frxUSD Curve LP token in its gauge and boosts rewards through Stake DAO’s veCRV position, currently 1.72x. Trading fees add only 0.05%, so almost all of the 10.84% APR comes from rewards.

The pool is relatively small, with $306.2K of underlying TVL and $158.7K deposited through Stake DAO and Convex, which holds 55% under OnlyBoost. Fees total 17.00%: 5.10% to sdCRV stakers, 6.20% to vlSDT holders and 5.70% to the treasury.

Risks

Reward-driven: Nearly all of the yield depends on reward emissions, which can fall. The strategy page shows no APR history yet.

Stablecoin Risks: The LP holds both. If one slips from its peg, you end up holding more of it. At the time of reading, crvUSD was $0.9986 and frxUSD $0.9999.

Chain and contracts: Fraxtal adds chain and bridge risk, and the Stake DAO and Convex contracts add their own.

How to farm: You’ll need to bridge to Fraxtal using their native bridge and obtain frxUSD. Add liquidity to Curve’s crvUSD/frxUSD pool on Fraxtal to get the crvUSDFRAX LP token, then deposit it in the Stake DAO strategy. Claim rewards from the Claim tab.

Find and execute the 15%+ stablecoin yields in minutes
Save time without checking every protocol manually. DeFi Saver’s Discover page surfaces rates across Aave, Morpho, Spark, and more, lets you simulate leverage before committing, and handles the full loop in one click. Stop leaving yield on the table.

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Notable Mentions:

Hyperliquid — USDC lending on Earn - 3-5% APY

Suppliers earn variable interest paid by borrowers, who post HYPE (65% LTV) or BTC (50% LTV) and pay 6.65% on USDC. The USDC pool has $562.5M supplied and $452.0M borrowed, for 80% utilization, leaving about $110.5M available to withdraw. Supplied HYPE and BTC are roughly three times the borrowed amount at oracle prices, based on my calculation from the Earn page.

Risk: The rate is variable. About 86% of the collateral is HYPE, so a sharp drop could stress liquidations, and a large HYPE unlock is reported for October. Borrowing launched on Sept. 18, so the history is about six weeks. Funds sit on Hyperliquid’s own L1. TID Research’s index scores USDC 7.5/10, so the asset is the smaller risk here.

How to farm: Fund your Hyperliquid account with USDC, open the Earn page and choose Supply on USDC.

This Week’s Farming News:

• Pendle’s High-Yield USDC vault on Morpho, co-curated with Wintermute’s Armitage, shows 8.31% net APY by lending USDC against PT collateral, including PT-reUSD, PT-USD3, and PT-USDat.

• Yield Basis introduced market-priced pools, starting with its WETH pool, so trades follow the live ETH price instead of lagging behind it. Its own backtest shows WETH yield of +8.5% a year vs +3.6% today.

• PendleLoop is live with zero fees on Earn and Long/Short loops until Dec. 31, but PT looping is excluded from the waiver.

• Ethena launched Earn+, offering up to 12% rewards on dollars in one click, available only on Ethena Pay.

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Farm auto-managed 25% APR on Stablecoins

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Today’s News Headlines:

• Aerodrome and Velodrome merge into Aero across seven chains

• Fhenix mainnet goes live on Arbitrum

• Pendle launches PendleLoop for leveraged trades

• Aave V4 adds USDC supplier incentives for tokenized stocks hub

• Morpho P2P Orders now supports any loan asset

• Obol releases Charon security patch after key compromise

• Papertrade schedules 5-minute order halt at 22:00 UTC

• Lighter plans US derivatives licenses, Robinhood integration

• OCC finalizes GENIUS Act rules, effective Jan 18, 2027

Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 11% on Stables and >5%on ETH:

Morpho (Ethereum) — Flowdesk Confidential High Yield USDT - 12.19% APY

The vault lends USDT against collateral across Morpho markets, mainly PT-USDat (28.4%), sUSDai (25.5%), wstETH (24.5%), and PT-reUSD (14.1%). PT-USDat is tied to Saturn’s USDat stablecoin, while sUSDai reflects USD.AI’s GPU-backed lending strategy and exposes holders to borrower defaults and collateral-recovery risks. wstETH adds ETH price and staking risk; smaller exposures include cbBTC, PST, and gold-backed XAUt.

The APY comprises 3.54% lending yield and 8.65% ZAMA rewards from a Merkl campaign ending Nov. 8. Realized APY was 3.98% over seven days and 5.23% over 30 days. Rewards come from a fixed budget of about $8,597 daily, so returns decline as deposits grow and fluctuate with ZAMA’s price. The vault held $36.27M, with $16.47M withdrawable from markets.

Risk: If incentives end, expect lending yields closer to 3.5%, not 12%. Deposits are exposed to seven collateral markets, led by PT-USDat (28.4%), sUSDai (25.5%) and wstETH (24.5%). Bad debt is shared across the vault. Deposits and withdrawals pass through batchers rather than settling instantly, and the curator has no published risk disclosure or Morpho rating.

How to farm: Shield USDT into cUSDT in the Zama app, deposit into the vault, and opt in to Merkl’s Confidential Incentives Program to qualify for ZAMA rewards. Batches run periodically, so check the estimated wait before depositing or withdrawing. Test a small withdrawal first.

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Earn 20% APY with a Fixed-Rate Borrow Loop on Liquity

While variable-rate loops get squeezed when borrow costs spike, Inverse’s FiRM locks your rate at 4.69%, just 1.02% after Merkl rewards through Dec 12. Loop Liquity’s ysyBOLD earns 5.00% from real liquidation gains and borrower interest, at ~5x leverage, for about 20% net APY.

<Loop ysyBOLD at a Fixed Rate on Liquity> | Today in DeFi is supported by Liquity

Stake DAO (Ethereum) — frxUSD/sGHO Curve LP - 11.08% APR

The strategy earns 3.56% from Curve trading fees and roughly 7.5% from CRV rewards, boosted 2.10x through Stake DAO’s veCRV position. The vault holds $173K against $539K in pool liquidity.

frxUSD is a Frax stablecoin backed by cash-equivalent reserves, including tokenized Treasury funds held with custodians. You obtain sGHO by depositing GHO into Aave’s savings vault; GHO is an overcollateralized stablecoin, and sGHO accrues value through Aave’s savings mechanism.

Risk: frxUSD carries reserve, custodian and redemption risks; sGHO depends on GHO maintaining its peg and Aave’s protocol. The pool is 76% sGHO, increasing exposure to that side if a depeg occurs. Thin liquidity can worsen exit prices, and roughly two-thirds of the APR comes from variable CRV incentives. Curve, Stake DAO and Convex add smart-contract risk.

How to farm: Acquire frxUSD and GHO, deposit GHO into Aave’s sGHO vault, then supply both assets to Curve and deposit the LP tokens into Stake DAO. Alternatively, use Stake DAO’s Zap feature after checking the route and fees. Compare withdrawal quotes before exiting.

Find and execute the 15%+ stablecoin yields in minutes
Save time without checking every protocol manually. DeFi Saver’s Discover page surfaces rates across Aave, Morpho, Spark, and more, lets you simulate leverage before committing, and handles the full loop in one click. Stop leaving yield on the table.

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This Week’s Farming News:

• Yo Protocol introduces stablecoin looping with up to 7x leverage and an ROE of 32%. Users can earn a native APY of 4.5% on yoUSD.

• Makina’s USDC incentives for Mag7 Tokenized Stock Machines are set to end in three weeks, offering up to +10% APR in rewards.

• Lista DAO offers USDC Savings at 6.13% APY on Ethereum and BNB Chain.

• Avalon Finance's Super Earn USDC vault targets a market-neutral strategy with an APY of up to 15

Curated Yields, Airdrop Opportunities, TVL Tracking Across Different Protocols + Full Archive of Past Letters

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Farm Auto-managed 25% APR on Stablecoins

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Find and execute the 15%+ stablecoin yields in minutes
Save time without checking every protocol manually. DeFi Saver’s Discover page surfaces rates across Aave, Morpho, Spark, and more, lets you simulate leverage before committing, and handles the full loop in one click. Stop leaving yield on the table.

<Discover Yields on DeFi Saver> | Today in DeFi is Supported by DeFi Saver

Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 10% on Stables and >5%on ETH:

Pendle (Monad – Fixed yield) – PT USDat, 14 Jan 2027 – 9.11% Fixed APY

Lock ~9.1% in USDat (Saturn’s stablecoin) by buying the discounted PT and redeeming at par at maturity. USDat itself pays no reserve yield — the discount exists because yield-token buyers pay up for Saturn points, which you collect as fixed return regardless of whether those points are ever worth anything.

Backing chain: USDat → PYUSDx (MoonPay, M0 infrastructure) → PYUSD (Paxos) → cash/Treasuries — TID could verify token units 1:1 but not the dollars underneath. All $54.8M of Monad supply is bridged from Ethereum. Pool liquidity $1.68M, TID risk score 4.5/10, matures 14 Jan 2027 (92 days).

Risk — Medium: No token-specific reserve attestation anywhere in the chain. Minting/USDC redemption is gated by Saturn onboarding, so your realistic exit is market price, not par. USDat is an upgradeable proxy with whitelist/freeze/forced-transfer functions and no visible on-chain signing quorum. Legal docs still reference older reserve structure; issuer uses BVI law with confidential arbitration. $1.68M pool is fine for normal size but moves on large orders.

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Morpho (Arbitrum – Lending vault) – Steakhouse USDG Pro – 7.99% Net APY

3.23% lending yield + 4.75% ARB rewards = 7.99% headline, but the 7-day realized APY is already down to 2.45% — about 60% of the stated rate is incentive-dependent. 100% of this vault lends against syrupUSDG, Maple’s receipt token for institutional USDG loans (~$353M across Ethereum and Robinhood Chain) — a reasonably established model, though syrupUSDG itself only launched July 1, 2026. Withdrawable now: $1.72M of $6.88M. Utilization: 91.55%.

This is a single-asset vault by design — every USDG you deposit lends against syrupUSDG and nothing else, which is why the credit risk reads as comparatively clean (one well-understood collateral type rather than a mixed basket).

Risk — Low - Medium: If the ARB campaign ends, expect something close to the 2.45% realized figure, not 7.99%. Single-market concentration — the whole vault depends on syrupUSDG holding value and its oracle behaving; a loss in Maple’s underlying loans flows straight through. At 91.55% utilization only about a quarter of deposits can exit at once. Steakhouse hasn’t published a risk disclosure for this specific vault, and new markets/caps can go live after just a 3-day timelock (Morpho recommends 7).

Morpho (OP Mainnet – Lending vault) – Re7 WETH – 5.81% Net APY

Only 0.94% of the 5.81% headline is actual lending yield — the other 4.87% is OP token rewards, about 84% of the total. Realized returns (7/30/90-day) sit around 1–1.3%, confirming the headline is mostly a temporary subsidy.

You lend WETH to borrowers who post wstETH as collateral at a 94.5% LLTV, typically for leveraged staking. Withdrawable now: $436K of $2.78M.

Risk — Medium: Treat the 4.87% OP component as a bonus, not yield — the campaign can end or OP can simply fall in price. A single wstETH market means a depeg or oracle failure hits every depositor, and the 94.5% LLTV leaves little buffer before bad debt forms. Only ~16% of deposits are withdrawable right now, and the top depositor holds 17.9% of the vault — a large exit could lock others out for a while. Re7 Labs runs this from a 2-of-4 Safe with the same 3-day (not 7-day) timelock issue as the vault above.

This Week’s Farming News:

• Boros launches funding rate arbs for $BTC, ETH, and HYPE maturities for November and December, offering fixed yields between 25-35% APR until Christmas.

• Aave is proposing to onboard USAT (Tether America USD), a federally backed stablecoin, to both Aave V3 Core Instance and V4 Core Hub on Ethereum

• Perena and Liquidity Land launch a garden feature offering a fixed 10% APY on USD* for three months.

• Aave proposes to onboard native BTC as collateral on Aave V4 through Trustless Bitcoin Vaults.

• Frax USDai Ecosystem Vault offers frxUSD lenders up to 14% APY on Morpho.

• OnRe’s USDC Lend Vault offers 7% APY.

• Pendle introduces tokenized NVIDIA with up to 50% Long Yield APY and a 25.6% APY for liquidity providers.

Today’s News Headlines:

• PancakeSwap proposes “The Flip,” LP fee share to 88%

• Babylon proposes native Bitcoin collateral on Aave V4

• Strategy pushes daily dividend vote for STRC, STRF, STRK, STRD

• USD.AI ends Season 2, allocates 225M CHIP

• Starknet launches Shadow Accounts for private DeFi access

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Lock >10% APR on Senior Tranche Yield.

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Find and execute the 15%+ stablecoin yields in minutes
Save time without checking every protocol manually. DeFi Saver’s Discover page surfaces rates across Aave, Morpho, Spark, and more, lets you simulate leverage before committing, and handles the full loop in one click. Stop leaving yield on the table.

<Discover Yields on DeFi Saver> | Today in DeFi is Supported by DeFi Saver

Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Pendle (X Layer – LP) – USDG, 25 Feb 2027 – 12.22% APY

LP on USDG (Paxos’s Global Dollar — yield from reserve income shared with Global Dollar Network members). Deposit splits into SY-USDG and PT-USDG; you earn swap fees, USDG’s own yield, and PENDLE emissions. 72% of the 12.22% (8.8 points) is PENDLE, paid at a fixed ~$1.3K/week — the rate falls as TVL grows. Two-thirds of this pool’s liquidity was added in the last 24 hours, including one $592K deposit — exit liquidity is thin if that wallet leaves. Incentives stop at maturity.

Quick steps:

1. Get a little OKB on X Layer for gas — buy on OKX, withdraw to X Layer.

2. Get USDG, USDC, or USDT0 on X Layer (Pendle’s zap accepts all three).

3. Open the pool page, connect wallet, switch to X Layer.

4. Zap tab → Deposit → pick your token → confirm output reads “LP USDG 25 Feb 2027.”

5. Leave “Keep YT Mode” off for a plain LP position.

6. Check price impact/slippage, approve, confirm.

7. Claim rewards weekly from the Pendle Dashboard.

Risk — Low ⚠️
Price risk on PENDLE (72% of your yield). Issuer/reserve risk on USDG (Paxos). X Layer chain risk — you’ll need OKB for gas, and the official bridge back to Ethereum takes ~7 days (use OKX, Stargate, or a DEX instead). Fixed weekly incentive budget means the APY compresses as the pool grows.

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StakeDAO (Fraxtal – Boosted Curve LP) – crvUSD/frxUSD – 10.53% APR

Curve LP pairing crvUSD with frxUSD, boosted via StakeDAO’s veCRV position (1.68x now, ~2.02x optimal). Virtually all of the 10.53% — 10.47 points — is CRV + WFRAX emissions; organic trading fees are just 0.06%. No base yield to fall back on if gauge weight drops.

Quick steps (this one’s more involved — bridging required):

1. Bridge frxUSD to Fraxtal via frax.com/swap (Frax Mesh route, under a minute) — go to Swap & Bridge, connect wallet, select frxUSD on your source chain as “You pay,” select frxUSD on Fraxtal as “You receive.”

2. Also bridge a small amount for gas — Fraxtal’s native gas token is FRAX (check your wallet after the first transfer to confirm).

3. Add Fraxtal to your wallet if needed (chain ID 252).

4. Go to curve.finance, open the crvUSD/frxUSD pool (Fraxtal), connect your wallet, deposit frxUSD (one-sided deposits are generally fine) — you’ll receive crvUSDFRAX LP tokens.

5. Go to the StakeDAO vault page, Deposit tab, and deposit your LP tokens.

6. Claim CRV/WFRAX periodically from the Claim tab (watch gas costs).

Risk - Medium ⚠️

Near-total emissions dependency — this isn’t a snapshot you can lock in. Pool is thin ($270K) with StakeDAO holding over half of it; a large exit moves the price for everyone. Depeg risk on either crvUSD or frxUSD hits you directly. Fraxtal is an OP-Stack L2 — standard bridge back to Ethereum takes 7 days (Frax Mesh is faster for frxUSD specifically). No independent risk report found for this specific pool.

Liquity V2 Stability Pool –Passive 7+% APR

You deposit BOLD, Liquity’s stablecoin backed only by crypto collateral (WETH, wstETH, rETH) with immutable contracts. Yield comes from 75% of borrowers’ interest, paid in BOLD, plus liquidation gains: when an under-collateralized rETH position is liquidated, your BOLD buys the collateral at about a 5% discount, paid out in ETH. Additional interest comes from BOLD minting fees and interest rate adjustments.

The highest-paying pool over the past 24h is wstETH at 7.5%, but rETH is also worth considering, as the current average rate has been 8%+, so the forward-looking APR may be higher than the UI suggests.

The biggest risk for entering the stability pool to consider is peg risk, but BOLD is sitting at a 3-month low; this risk is reduced, and returns can be boosted if BOLD returns to its $1 peg.

<Earn Passive 7%+ APR on Liquity>

Risk — Low-Medium

BOLD carries an A- rating from Bluechip. The backing (crypto-only, no RWA/custodial assets) is genuinely conservative by design.

Liquidation-absorption risk if collateral crashes faster than Troves can be liquidated.

Peg risk: BOLD holders “remain dependent on BOLD to keep its peg. BOLD has redemption mechanisms to help reinforce the peg but these can take time to take effect. See Docs for more.

Track Record: Liquity V2 had a Stability Pool bug in early 2025 forcing a temporary withdrawal halt. The bug was patched and TVL has since recovered to $124M

Today in DeFi is Sponsored by Liquity

StakeDAO (Ethereum – Boosted Curve LP) – ETH/ETHx – 7.13% APR

Curve LP pairing ETH with ETHx (Stader’s liquid staking token), boosted 1.49x via StakeDAO. Healthier mix than the Fraxtal farm above: 5.21% CRV emissions + 1.92% organic trading fees. ETHx also earns staking yield separately (shows up in its exchange rate, not this APR). ETHx is minted only through Stader’s validator pool; independent reviews (2023/2024, nothing newer found) note thinner operator collateral than Rocket Pool and a small oracle committee reporting the exchange rate.

So the 7.67% is fees plus boosted CRV plus CVX combined — and since two of those three legs are token emissions rather than fee income, the rate moves with CRV/CVX prices and gauge-weight votes, not just trading activity.

ETH+ isn’t backed by a single asset — it’s 100% collateralized by a basket of four ETH liquid staking tokens:

Quick steps:

1. Go to the StakeDAO vault page (Ethereum mainnet), connect wallet.

2. Zap tab → pick ETH → enter amount → review quote → confirm (adds liquidity to Curve and stakes it in one step).

3. Alternatively, deposit directly on Curve’s ETHx-ETH pool, then stake the LP token manually in StakeDAO’s Deposit tab.

4. Claim CRV periodically, weighing mainnet gas against the claim amount.

Risk medium⚠️: ETHx peg risk — pool is now ~71% ETHx by count, so you’re increasingly exposed to it over plain ETH. Pool is small ($598K), StakeDAO holds ~73% of it. Staking-specific risks apply: slashing, operator misbehavior, oracle error. Stader’s TVL has fallen from a ~$534M peak to ~$225M, well below Lido and Rocket Pool. Mainnet gas can eat into small deposits.

This Week’s Farming News:

• Superform Launches "Earn Stocks," Yield Strategies on Tokenized NVDA, TSLA, GOOGL and Other Mag 7 Stocks, offering up to 35% APR.

• Lista Pays 5% on USDC Savings on Ethereum. The rate is native, with LISTA rewards stacked on top. It has $4.4M deposited at 92% utilization.

• OKX Launches OKX Money, Paying Up to 10% on USDG. There is no lockup, and higher tiers need a 30-day average deposit, spending, or VIP status.

• Aave V4 on Arc Accepts Maple's syrupUSDC as Collateral. Users can now borrow against it on that deployment.

Today’s News Headlines:

• Derive Completes Its Migration to V3 Architecture.

• Safe Launches Safe Pro, Aimed at Professional Use.

• CFTC Proposed a Federal Rulebook for Crypto Exchanges.

• Lido Unveils Lido Lend, a Security-First Lending Market

• Stacks Enables Any BTC Holder to Earn Yield.

• Base Partners With SMBC Nikko on an Institutional DeFi Gateway for Japan

• Orca and Loopscale Merge Into One Solana Project.

• Ethereum's Glamsterdam Fork Goes Live on Sepolia.

• Samsung Wallet Adds USDC for 82M U.S. Galaxy Devices.

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Farming Guide: Farm Sustainable>10% APR with Proven PT Stablecoin on Morpho

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Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 11% on Stables and >5%on ETH:

Curvance (Monad – Curated Vault) – High Yield AUSD – 10.02% Deposit APY

You deposit AUSD into Curvance’s own vault — tagged “High Yield / Moderate Risk” by Curvance itself — which auto-splits your deposit across two of its isolated lending markets: 40% lent out against PT-AUSD-8OCT2026 (a Pendle Principal Token, ~8 days from maturity as of today) and 60% lent out against savUSD collateral.

savUSD is Avant Protocol’s staked, senior-tranche stablecoin — savUSD sits on top of avUSD (backed 1:1 by USDC), and Avant is an actively managed, multi-strategy protocol in the same shape as Ethena: yield comes from funding-rate basis trades, lending-rate arbitrage, Pendle yield trading, blue-chip lending (Aave), LP fees, and stablecoin peg arbitrage, run by third-party trading partners. savUSD is protected by a junior tranche (avUSDx) that absorbs losses before savUSD holders.

TVL is $6.95M, but only $1.86M (25%) is currently liquid — Curvance labels withdrawals “Instant,” though that only holds if there’s enough liquidity sitting there when you try to exit.

Risk — Medium ⚠️
Two risk layers stacked: Curvance’s own isolated-market lending risk (collateral value falling faster than liquidations clear), plus Avant’s underlying strategy risk — basis-trade/funding-rate strategies can turn negative in certain market regimes, and it’s discretionary/actively managed, so there’s real key-person and execution risk on top of smart-contract risk.

Liquidity is thin relative to deposits (23% available) despite the “Instant” label — a rush of withdrawals could leave you waiting. The PT-AUSD leg is short-dated and low-risk on its own, but the 60% savUSD leg has no such fixed-rate protection and floats entirely with Avant’s live performance.

Also worth noting: Monad is a newer L1 with less battle-tested infrastructure than Ethereum mainnet, and this is the same general Curvance liquidity pattern I flagged earlier — most of their markets run thin relative to deposits, this vault included.

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Liquity V2 Stability Pool –Passive 7+% APR

You deposit BOLD, Liquity’s stablecoin backed only by crypto collateral (WETH, wstETH, rETH) with immutable contracts. Yield comes from 75% of borrowers’ interest, paid in BOLD, plus liquidation gains: when an under-collateralized rETH position is liquidated, your BOLD buys the collateral at about a 5% discount, paid out in ETH. Additional interest comes from BOLD minting fees and interest rate adjustments.

The highest-paying pool over the past 24h is wstETH at 7.5%, but rETH is also worth considering, as the current average rate has been 8%+, so the forward-looking APR may be higher than the UI suggests.

The biggest risk for entering the stability pool to consider is peg risk, but BOLD is sitting at a 3-month low; this risk is reduced, and returns can be boosted if BOLD returns to its $1 peg.

<Earn Passive 7%+ APR on Liquity>

Risk — Low-Medium

BOLD carries an A- rating from Bluechip. The backing (crypto-only, no RWA/custodial assets) is genuinely conservative by design.

Liquidation-absorption risk if collateral crashes faster than Troves can be liquidated.

Peg risk: BOLD holders “remain dependent on BOLD to keep its peg. BOLD has redemption mechanisms to help reinforce the peg but these can take time to take effect. See Docs for more.

Track Record: Liquity V2 had a Stability Pool bug in early 2025 forcing a temporary withdrawal halt. The bug was patched and TVL has since recovered to $124M

Today in DeFi is Sponsored by Liquity

Balancer (Monad – Boosted Stable LP) – Aave 3-pool (USDT0/AUSD/USDC) – 9.78% APR

A 3-asset stable pool on Balancer v3, live on Monad (EVM L1, mainnet launched Nov 2025 — so live about 10 months). All three legs — USDT0, AUSD, USDC — are deposited as wrapped Aave Monad tokens (waMonUSDT0/AUSD/USDC. APR sources:

• Swap fees: 0.30% — pool fee is just 0.0005%

• Aave-Monad lending yield: 4.33% — the real, organic, ongoing component

• Merkl.xyz incentives: 5.11% — a temporary rewards campaign, paid in WMON (Monad’s native token, not a stable), running 22 Sep–6 Oct 2026 and capped at ~$450 total distributed. It expires in 5 days, but there’s a high chance it’ll be continued

Risk — Medium ⚠️
TVL is $66,987, from just 3 liquidity providers total, and the pool was only created Aug 5, 2026 (~2 months old).

That’s not institutional-depth liquidity — one LP adding or exiting meaningfully moves your share of the pool, and a $66K pool offers little cushion if any of the three “stables” wobble (USDT0 is LayerZero-bridged USDT, AUSD is Agora’s stablecoin — both less battle-tested than native USDC).

You’re also stacking three dependencies: Monad chain risk (still a young L1, ~10 months live), Aave’s Monad deployment (newer than Aave mainnet), and Balancer v3’s boosted-pool wrapper on top.

Swap fee and AMP factor are governance-editable, standard Balancer centralization risk. This is a “small bet with clean organic yield” pool, not a “park meaningful size” pool.

This Week’s Farming News:

• OUSD (Open Standard) is live and liquid on Base (61.7K views) and on Uniswap (33.3K), and backed by 200+ partners.

• Aave proposes to onboard Open Standard's OUSD to Aave V3 Core and V4 Core.

• Uniswap listed OUSD across its protocol, apps, and API. Uniswap Labs is building a v4 hook with Open Standard to pay rewards to OUSD LPs.

• Stake DAO is offering up to 2.5x boosted CRV rewards on crvUSD pool deposits, plus $300K+ in incentives for Curve veCRV voters this round.

• Revert Finance extended its USDC rewards on 20 Coinbase tokenized stocks past Oct 5. Pools on Base pay up to 215% APR, with 9 of 10 above 100%, from AERO staking plus Revert's USDC rewards.

Today’s News Headlines:

• MetaMask Staking exits validators after security incident

• Abracadabra is winding down MIM at about $0.04 per token

• TradeWiz_Bot drains 20K+ Solana wallets, $438.9K

• MUS exploit loses ~$36.9K to double bonus

• Bitget hackers move $4M into Zcash pool

• Base Cobalt upgrade live with Validity Transactions

• Oct 7: Hyperliquid team token distribution

No usable links were included in this doc (just source names), so I left them out.

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Loop Proven Yield-Bearing Stablecoin for up to 30% APR

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Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 11% on Stables and >5%on ETH:

Morpho (Arbitrum – Lending vault) – Bitget x Steakhouse USDT0 – 10.10% APY

A Morpho vault curated by Steakhouse Financial, co-branded with exchange Bitget. You deposit USDT0 (LayerZero’s omnichain USDT); the vault auto-allocates across isolated Morpho markets pairing USDT0 against different collateral types. Yield comes from borrower interest at each market’s utilization-based rate — running near 95% utilization, so yield sits close to the max borrow rate.

Exposure breaks down as weETH (48.5%, Ether.fi’s restaked ETH backed by staked ETH plus EigenLayer restaking), WBTC (24.3%, custodied 1:1 by BitGo), wstETH (20.3%, Lido’s wrapped staked ETH), and sUSDS (4.7%, Sky’s savings token backed by USDS reserves of crypto and RWA/Treasuries). Everything else — XAUt0, sUSDe, bitgetUSDC, wsrUSD, syrupUSDC — is dust, not real exposure. TVL is $3.34M with only $156K available.

Risk — Medium ⚠️
You're lending USDT0 against ETH/BTC-linked collateral, not stables — if ETH or BTC crash faster than liquidations can clear (86% LLTV, ~95% utilization), the vault can absorb bad debt. Liquidity is thin, so a rush of withdrawals could leave you in a queue. Steakhouse is reputable ($2.33B curated TVL), but this specific vault is smaller and newer than their flagship products, and allocation can shift without your action.

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Pendle (Ethereum – Fixed yield) – PT reUSD, 10 Dec 2026 – 11.04% Fixed APY

This is Re Protocol’s reUSD (re.xyz) — not Resupply’s reUSD, a different token entirely. It’s a tokenized senior tranche of a reinsurance capital pool. Buying the PT means USDC converts to reUSD, and you lock a fixed 11.04% rate until Dec 10 by selling away the variable yield. This isn’t typical DeFi yield: reUSD capital funds licensed reinsurers backing real catastrophe/property insurance risk.

Offchain-deployed capital earns SOFR + 250bps; onchain-deployed capital earns the 7-day trailing sUSDe rate + 250bps — the yield source is genuinely uncorrelated to crypto.

reUSD sits at the top of a 3-layer capital stack: losses hit the reinsurer’s own equity (~$77M) first, then reUSDe (the mezzanine tranche), and only then reUSD. Re’s own stress test estimates ~0.03% probability of reUSD impairment even under a severe 135% combined-ratio loss scenario. TVL is $206.42M, underlying APY 7.06%.

Risk - Medium ⚠️

Tail/catastrophe risk is real — “estimated 0.03%” is a model, not a guarantee, and a large enough event could theoretically blow through both buffer layers. Redemptions are capped (20%/day protocol-wide, 10%/day per wallet) and can queue quarterly if the onchain buffer drops below 1% of supply. Fixed-rate duration risk applies on the Pendle side: if reUSD’s real yield rises above 11.04% before maturity, you underperform versus holding reUSD directly, and exiting early if Pendle’s TVL shrinks could mean selling at a discount. Re Protocol has a small track record versus a household name.

StakeDAO/Curve (Ethereum – Boosted LP) – USD3/scrvUSD – 9.76% APR

A Curve stable-pool LP between two yield-bearing tokens — neither side is raw USDC/USDT. scrvUSD is Curve’s “Savings crvUSD”: staked crvUSD (Curve’s decentralized, overcollateralized stablecoin minted via LLAMMA) that auto-compounds PegKeeper profits plus crvUSD borrower interest — one of the more battle-tested yield-stable wrappers in DeFi.

USD3 (”Web 3 Dollar”) is a Reserve Protocol RToken, not pegged 1:1 by design — it’s an overcollateralized basket of other yield-bearing stables whose composition Reserve’s DAO can change via governance, currently trading ~$1.11 as its redemption value accrues. Yield stacks three ways: Curve trading fees, CRV emissions boosted 2.27x via StakeDAO’s veCRV lock, and natural appreciation of both underlying tokens. TVL is $698K, with $332K of that deposited specifically through StakeDAO.

Risk — Low-Medium

This is genuinely one of the more sustainable, lower-risk LPs featured — both sides are overcollateralized and yield-bearing rather than relying purely on emissions. Impermanent loss or peg-slip risk applies if scrvUSD and USD3 drift in relative value. USD3's governance risk is real — Reserve's DAO can change the underlying basket. The 2.27x boost isn't guaranteed; it depends on StakeDAO's veCRV position and gauge weights, which shift with Curve governance. TVL is thin enough that larger trades can move the peg more than on blue-chip Curve pools.

IPOR – Liquity ETH Carry Vault – 5% Spot APY

The vault currently optimizes wstETH rates by collateralizing it in a Liquity Trove, borrowing BOLD at the branch-specific fixed rate, and deploying the BOLD into a Curve BOLD/USDC LP — all programmatic, with conservative LTV constraints and continuous monitoring of borrow spreads, peg stability, and unwind capacity.

Leverage expands only when net carry is positive and contracts automatically if spreads invert or liquidation buffers deteriorate.

<Farm the Liquity ETH Carry on Ipor> | Today in DeFi is supported by Liquity

Risk — Medium-Low

(1) your WETH is converted to wstETH or rETH and deposited as collateral on Liquity V2 to mint/borrow BOLD — standard CDP liquidation risk applies here if wstETH’s value drops relative to the debt;

(2) the borrowed BOLD is then supplied into the BOLD/USDC Curve pool to farm BOLD from PIL emissions and CRV rewards — this adds impermanent loss exposure and CRV emissions risk on top of the borrowing position;

(3) LTV targets a relatively conservative 55%. BOLD itself carries peg risk as its a CDP stablecoin without strong arbitrage mechanisms.

This Week’s Farming News:

• Venus Core launches negative APYs for borrowing USDT and USDC at rates reaching -23.4%, offering leverage opportunities through October 14.

• Binance Wallet introduces a Hold to Earn program for USDe, offering up to 4.75% APR in promotional rewards.

• Superform’s SuperTSLA launches pre-deposit on Base, offering up to 100% APY on tokenized Tesla stock.

• Exponent Finance announces over $10K in renewed rewards for ONyc and srONyc markets on Solana, enabling up to 80% APY by placing limit orders or providing liquidity.

• PancakeSwap launches Infinity pools on Robinhood Chain, offering a 90% fee share to LPs, enhancing LP incentives across pools like WETH/USDG and NVDA/USDG.

• Hylo Vault's USDC cap is raised to $5M, allowing users to lend USDC for up to 11.2% APY, including hyUSD rewards.

Today’s News Headlines:

• Variational sets VAR TGE for Q4 2026

• Pendle lists PT tokens for Partners Group fund

• NYSE/Blockchain.com explore tokenized NYSE stocks

• Pyth becomes approved distributor of Nasdaq Basic

• CME Group to launch Bitcoin Cash, Uniswap futures

• Strategy repurchased $139.3M worth of STRC shares

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Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Curve Llamalend (Arbitrum – Lending) – crvUSD/WETH Market – 6.5% Net Supply APY

You’re supplying crvUSD into a Curve Lend market where WETH is posted as collateral. Borrowers deposit WETH and borrow crvUSD against it — often to open leveraged WETH longs, since the market offers up to 10x through its built-in leverage feature — and the interest they pay is what flows to you as the Net Supply APY.

Risk notes: the native risk in any lending market like this is that collateral value falls faster than the system can liquidate it. Llamalend uses a “soft liquidation” (LLAMMA) mechanism that gradually rebalances a borrower’s WETH into crvUSD as price drops, instead of a one-shot liquidation — gentler in an orderly decline, but it can still fall behind in a violent crash, leaving bad debt that suppliers absorb.

There’s also oracle risk (liquidations depend on price feeds staying accurate and timely) and liquidity risk — utilization is already at 72% here on a small market (~$513k TVL, ~$66k actually available), so if several suppliers want out at once, you may be waiting on borrowers to repay rather than withdrawing on demand.

Risk — Low ⚠️
The native risk in any lending market like this is that collateral value falls faster than the system can liquidate it. Llamalend uses a “soft liquidation” (LLAMMA) mechanism that gradually rebalances a borrower’s WETH into crvUSD as price drops, instead of a one-shot liquidation — gentler in an orderly decline, but it can still fall behind in a violent crash, leaving bad debt that suppliers absorb. There’s also oracle risk (liquidations depend on price feeds staying accurate and timely) and liquidity risk — utilization is already at 72% here on a small market (~$513k TVL, ~$66k actually available), so if several suppliers want out at once, you may be waiting on borrowers to repay rather than withdrawing on demand.

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Fluid (Plasma – Lending) – GHO – 8.05% Net APR

How the yield is generated: same basic shape, different venue. You supply GHO, and borrowers post collateral (whatever assets Fluid supports on its Plasma deployment) to borrow GHO against it, typically to lever up or free up stablecoin liquidity without selling their holdings.

On collateral exposure: as a GHO supplier, you are exposed to the underlying collateral, including, and mostly, sUSDai.

sUSDai is the yield-bearing token of USD.AI, a protocol that lends against GPU/AI-infrastructure hardware. sUSDai “is not a stablecoin” and “is not instantly redeemable at par” — unstaking runs on 30-day epochs processed FIFO, and the protocol will not liquidate its own active loans early just to meet redemptions.

Fluid’s liquidation process depends on being able to sell or unwind sUSDai quickly at a fair price. If a liquidation can’t clear cleanly under stress, GHO suppliers on this market are the ones who’d absorb that shortfall.

Risk - Medium ⚠️

The native lending risk is the same category as farm 1 — if collateral backing the GHO borrows drops faster than liquidations clear it, suppliers eat the shortfall.

That risk is arguably a bit higher here than on an Ethereum mainnet market simply because Plasma is new: less time for its oracle feeds and liquidation bots to be stress-tested, shorter track record generally.

Same utilization/withdrawal risk applies if a lot of GHO suppliers want out at once.

IPOR – Liquity ETH Carry Vault – 6.5% Spot APY

The vault currently optimizes wstETH rates by collateralizing it in a Liquity Trove, borrowing BOLD at the branch-specific fixed rate, and deploying the BOLD into a Curve BOLD/USDC LP — all programmatic, with conservative LTV constraints and continuous monitoring of borrow spreads, peg stability, and unwind capacity.

Leverage expands only when net carry is positive and contracts automatically if spreads invert or liquidation buffers deteriorate. Only 705 WETH is still available to deposit before caps are filled.

<Farm the Liquity ETH Carry on Ipor> | Today in DeFi is supported by Liquity

Risk — Medium-Low

(1) your wstETH is deposited as collateral on Liquity to mint/borrow BOLD, targeting ~2x leverage — standard CDP liquidation risk applies here if wstETH's value drops relative to the debt, so LTV needs to be watched closely;
(2) BOLD borrowing cost is not fixed and can fluctuate by protocol design, meaning the wstETH/BOLD position can lose money from time to time even without liquidation;
(3) the borrowed BOLD is then supplied into the BOLD/USDC pool to farm CRV rewards — as the pool ratio shifts with market conditions, this adds PnL exposure to BOLD peg volatility, where the vault loses when the peg strengthens and gains when it weakens.

Convex (Ethereum – Boosted Curve LP) – ETH+/WETH LP – 7.5% Projected vAPR

You deposit into a Curve pool holding ETH+ and WETH and earn a cut of the trading fees generated when people swap between them. On top of that, Curve pays CRV emissions to the pool’s gauge, and staking your LP token on Convex adds CVX rewards on top, with your CRV leg boosted 2.21x through Convex’s pooled veCRV lock.

So the 7.67% is fees plus boosted CRV plus CVX combined — and since two of those three legs are token emissions rather than fee income, the rate moves with CRV/CVX prices and gauge-weight votes, not just trading activity.

ETH+ isn’t backed by a single asset — it’s 100% collateralized by a basket of four ETH liquid staking tokens:

Blended native yield across the basket is 2.35%, and there’s an 8% Staked RSR buffer sitting on top as a first-loss cushion — funded by RSR stakers, designed to absorb losses before ETH+ holders are affected. 1 ETH+ currently redeems for 1.10 ETH.

Risk notes⚠️: the native risk in any LP position like this is impermanent loss — if ETH+ and WETH drift apart in price, the pool automatically shifts you into more of whichever asset got weaker, so you can end up worse off than just holding the two separately. Because both sides are ETH-pegged, day-to-day divergence is usually small, similar to a stable pool, but it can widen fast and sharply if ETH+ comes under stress.

This Week’s Farming News:

• Bitwise’s Premium RWA Vault (PAPY) surpassed $20M in deposits on Morpho within two weeks of launch — earning 7% yield by lending AUSD against RWA collateral from Huma Finance, USDai, and Hastra.

• Maple launches syrupUSDC on Arc, establishing an institutional lending market with approximately $1B in loans.

• Aave announces the launch of a specialized RWA lending market on Avalanche.

• Aave plans to enable on-chain borrowing against assets held in qualified custodians, powered by Anchorage and Chainlink.

• Strata’s Senior nOPAL launches on Pendle with a maturity date of January 7, 2027. Existing users can migrate to srnOPAL to continue earning >10% APYs.

Today’s News Headlines:

• Arc Mainnet Launches With BlackRock, DTCC as Validators

• Aerodrome Deploys on a New Chain for the First Time in 3 Years

• Senate Democrats commit to passing CLARITY Act before year-end

• Tera Portföy fails redemptions on ~$7.5B in funds, threatening DeFi carry trade products like Tori and Piku

• Ostium faces lawsuit after unpaid $15M loan

• Robinhood employees charged with insider trading on Hyperliquid

• Federal Reserve raises interest rates by 25bps.

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Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 11% on Stables and >5%on ETH:

Neverland – USDT0 Lending ~12% APR

What’s backing this: You’re lending USDT0, not native USDT — Tether’s omnichain token, issued by Everdawn Labs (licensed, not Tether itself) via LayerZero’s OFT standard. Backed 1:1 by USDT locked on Ethereum; USDT0 mints on Monad against that collateral. Risk stacks: Tether’s reserves + Everdawn’s operations + LayerZero’s messaging layer.

DUST rewards carry a claim penalty — instant claims burn 50%, dropping toward 0% only with a max veDUST lock. Treat the reward APY at roughly half value unless you’re locking.

The rate has swung 5–20%+ over the past year; current ~12% looks stable per DefiLlama’s 30d rating, but it moves.

Risk — Medium ⚠️
USDT0 adds two layers on top of standard Tether reserve risk: Everdawn Labs’ operational/custodial layer, and LayerZero’s OFT messaging/DVN verification layer — a smart contract or bridge issue at either point could affect USDT0 specifically even if native USDT is fine.

Neverland is built on Aave V3’s lending engine (Monad configuration), so the collateral pool spans blue-chip majors (WMON, WBTC, WETH, USDC, USDT0) plus Monad-native LSTs (gMON, sMON, shMON) and select ecosystem assets like syzUSD — a newer, yield-bearing wrapped version of Yuzu Money’s yzUSD.

As a USDT0 lender, your exposure isn’t to any single collateral type, but to the health of whichever assets borrowers post — if a thinner LST or newer ecosystem token depegs or gets liquidated in a fast market move, bad debt can affect the broader lending pool.

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Pendle – PT reUSD (USDC) – 11.2% Implied APY

What’s backing this: reUSD is Re Protocol’s senior-tranche, yield-accruing token backed by real reinsurance capital via legally structured surplus notes — not a crypto-native mechanism. Yield accrues daily as the greater of (SOFR + 250 bps) and (Ethena basis + 250 bps), reflected in a rising price.

reUSD is last to absorb losses — Re’s own equity (~$77M) and the reUSDe mezzanine layer absorb first. Re’s modeling puts the impairment probability at ~0.03% in a severe stress case, with combined ratios below 100% every year since inception.

Backing splits ~68% offchain (funding the reinsurer directly) / ~32% onchain (redemption buffer + reserves).

This PT locks in 11.2% to Dec 10 maturity (91 days), above reUSD’s own 6.88% — reflecting market demand for the fixed product, not a change in reUSD’s yield.

Risk - Low-Medium ⚠️

reUSD’s structural protection (junior + mezzanine layers absorbing losses first, ~0.03% modeled impairment probability) is genuinely one of the stronger backing stories we’ve featured — real regulated reinsurance collateral rather than a purely algorithmic or crypto-collateralized mechanism.

reUSD’s backing splits between onchain and offchain capital, and the split matters for your risk exposure: as of Re’s most recent public update, offchain capital (funding the reinsurer directly) made up roughly 68% of the total capital base, with onchain capital serving primarily as a redemption buffer plus reserves.

Base-token instant redemption depends on the onchain buffer staying above 1% of supply (throttles to quarterly windows otherwise), though PT trading on Pendle isn't directly subject to this.

PT price can move before maturity — only matters if you sell early.

Pendle smart contract risk applies.

IPOR – Liquity ETH Carry Vault – 5.95% Spot APY

The vault currently optimizes wstETH rates by collateralizing it in a Liquity Trove, borrowing BOLD at the branch-specific fixed rate, and deploying the BOLD into a Curve BOLD/USDC LP — all programmatic, with conservative LTV constraints and continuous monitoring of borrow spreads, peg stability, and unwind capacity.

Leverage expands only when net carry is positive and contracts automatically if spreads invert or liquidation buffers deteriorate.

Deposit caps are expected to rise soon

<Farm the Liquity ETH Carry on Ipor> | Today in DeFi is supported by Liquity

Risk — Medium-Low

(1) your WETH is converted to wstETH or rETH and deposited as collateral on Liquity V2 to mint/borrow BOLD — standard CDP liquidation risk applies here if wstETH’s value drops relative to the debt;

(2) the borrowed BOLD is then supplied into the BOLD/USDC Curve pool to farm BOLD from PIL emissions and CRV rewards — this adds impermanent loss exposure and CRV emissions risk on top of the borrowing position;

(3) LTV targets a relatively conservative 55%. BOLD itself carries peg risk as its a CDP stablecoin without strong arbitrage mechanisms.

Balancer – WETH/rETH LP –5% APR

WETH paired with rETH — Rocket Pool’s liquid staking token, backed by a proportional claim on staked ETH across Rocket Pool’s validators, with node-operator ETH + RPL bonds absorbing slashing penalties before rETH holders would be. The WETH side is wrapped into waArbWETH, generating passive yield from Aave lending on Arbitrum.

Breakdown: 0.25% swap fees + 1.47% yield-bearing (rETH 1.12% + waArbWETH 0.35%) + 3.90% Merkl incentives, totaling 5.62%. TVL is $341,269, with genuine organic swap volume ($7,793.38 in 24h, and a healthy $339,592 over 30 days) — this pool sees real trading activity relative to its size.

Risk — Lower
Both assets are ETH-correlated, so impermanent loss is minimal. Rocket Pool’s dual-layer slashing protection is a genuine structural strength.

3.90% of the 5.62% APR is Merkl incentives — given the double-counting bug we flagged on other Balancer pools before, worth verifying this specific figure live rather than assuming it’s fully accurate.

Arbitrum network risk applies in addition to standard Balancer and Rocket Pool smart contract risk. Reasonably strong organic volume relative to TVL is a good sign versus pools running on incentives alone.

This Week’s Farming News:

• Sky Money introduces three months of Fixed Yield with 4.9% APY on $81M deployed. Users can supply USDS, USDC, or sUSDS to lock in their rates until the maturity date of November 26, 2026.

• Pendle launches tokenized stock dividends with $NVDA and $PFE on Robinhood Chain. This feature allows users to buy stocks at a discount or gain leveraged exposure to dividends.

• Lido Finance launches a public ETH staking vault with Stakely, allowing users to stake ETH with Lido’s EarnETH strategy.

• YT-USDat holders can now earn a $21k bonus per week in stables, with the potential to scale as TVL increases. Currently, YT-USDat nets 3.77% APY and 30x Saturn points, enhancing user incentives.

• Exponent Finance, in collaboration with OnRefinance, introduces limited-time incentives for ONyc and srONyc markets.

Today’s News Headlines:

• Trezor/BitBox users hit by fake vulnerability phishing emails

• Aviya signs Anchorage as exclusive qualified custodian

• MetaMask splits from ConsenSys, becomes independent

• Pendle lists XGLD, first commodity-backed yield asset

• YieldBasis proposes LTMigrator upgrade, passes unanimously

• Exponent Finance launches incentives for ONyc, srONyc markets

• Pump.fun lets creators launch coins priced in stocks

• Renzo rebrands, launches basis trade product on Hyperliquid

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Save time without checking every protocol manually. DeFi Saver’s Discover page surfaces rates across Aave, Morpho, Spark, and more, lets you simulate leverage before committing, and handles the full loop in one click. Stop leaving yield on the table.

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Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 11% Stables and >5%on ETH:

Balancer – USDT0/USDe LP ~11.00% APR (Monad – V3 Stable LP)

A boosted stable pool pairing USDT0 with USDe (Ethena’s dollar-pegged stablecoin). Composition is 55.81% USDT0 / 44.19% USDe from 6 liquidity providers, wrapped into Aave-yield-bearing tokens. Breakdown of the 11.00% APR: 0.32% swap fees + 2.40% yield-bearing (from waMonUSDT0’s passive Aave lending yield) + 8.28% Merkl incentives. 75% of this yield is incentives, not organic

30d swap volume is $553,401 against $115,781 TVL — real trading activity exists, but it’s a small slice of the total return here.

Risk — Medium ⚠️
Most of this yield is temporary. 8.28 of the 11.00 points comes from a Merkl incentive campaign — if it ends or shrinks, the rate falls to roughly 2.7% (just fees + passive lending yield), a steep drop from the headline number.

Beyond that: USDe still carries some residual Ethena risk, TVL is thin at $115,781 so a large deposit or withdrawal could move the price meaningfully, and Monad is a newer network with less of a track record.

It runs on Balancer V3, which was not affected by the November 2025 V2 exploit.

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PancakeSwap – USDT/USDC AMM Pool – 12%% Supply APY (BSC – Concentrated LP)

A standard USDT/USDC AMM pool on PancakeSwap (BSC). Both are centrally issued, fiat-backed stables — individually low-risk. The yield source, however, is 100% trading fees (this pool shows no separate reward token), and the historical APY chart spans from near-0% baseline to sharp spikes above 80% multiple times since 2024, with another spike visible right now pushing the live rate to 31.68%.

Why this matters: USDT/USDC is normally one of the lowest-volatility pairs in DeFi — trading volume and fees should be steady and low. Spikes to 30-80%+ APY on a pair like this typically indicate a temporary depeg or arbitrage event on one side of the pool (often a bridged or wrapped version of USDT/USDC on BSC trading briefly off-peg), driving a burst of arbitrage volume through the pool. That’s not free yield — it’s compensation for taking the other side of a depeg event, and LPs can end up holding the depegged asset if they’re in the pool when it happens.

Risk - Low ⚠️

This pool earns 100% from trading fees, and the APY chart swings from near zero to 30–80%+ in bursts — each spike is almost certainly a bridged USDT or USDC leg on BSC trading off-peg and arb volume routing through the pool.

That fee is compensation for holding the mispriced asset while everyone else is dumping it on you. Enter mid-spike and you either catch a few hours of elevated fees before the rate collapses, or you end up on the wrong side of the depeg and eat impermanent loss on a “stable” pair.

The 30-day stability rating is Mixed for exactly this reason.

TVL is thin ($201K), and BSC network and bridge risk applies to whichever stable is driving the volatility. Audited does not mean safe against this pattern — size it as an arb-exposure trade, not a parking spot.

Balancer – rETH/WETH LP – rETH + WETH –6.21% APR(Base – V3 ETH LST LP)

rETH (Rocket Pool’s liquid staking token, backed by a proportional claim on staked ETH across Rocket Pool’s validators, with node-operator ETH + RPL bonds absorbing slashing penalties first) paired with WETH on Base. Breakdown: 0.03% swap fees + 2.20% yield-bearing (waBasWETH 1.13% + rETH 1.08%) + 3.98% Merkl incentives, totaling 6.21%. Runs on Balancer V3.

This is the Base deployment of the WETH/rETH - same underlying assets, different network. TVL is smaller here ($342K) than on the mainnet, with modest but real organic swap volume ($642/24h).

Risk — Lower
Both legs are ETH, so impermanent loss is negligible, and Rocket Pool’s dual-layer slashing protection (node operator bonds plus RPL) is a real structural strength.

What you’re actually exposed to is the incentive: 3.98% of the 6.21% comes from Merkl, and Merkl figures on some Balancer pools have been double-counted recently — this pool hasn’t been individually confirmed either way, so verify the live figure on Merkl before assuming the full rate.

Organic swap fees are negligible ($642/24h), so if incentives lapse you’re left with roughly the underlying rETH/waBasWETH yield of ~2.2%.

TVL is small ($342K) and this is the Base deployment, so Base network risk sits on top of standard Balancer V3 and Rocket Pool contract risk.

This Week’s Farming News:

• Pendle announces a new allocation for its USDC @Morpho vault, offering 8.42% APY for supplying USDC and 35% APY for looping PT-sUSDe.

• Saturn announces $32K in YT incentives for the Pendle market on Ethereum, running from August 27 to September 27.

• Ondo Perpetuals extends its USDC rewards program by 6 weeks, now featuring a $175K rewards pool.

• Reflect opened its first tranched market for pre-deposits, using syrupUSDC as the underlying yield asset — caps set at $250K for senior and $50K for junior tranches.

• YieldBasis proposed raising deposit caps on its WBTC and cbBTC markets to $50M each, reallocating ~$49M in crvUSD from the Factory reserve — currently passing with 9.45M votes in favor and zero opposition.

Today’s News Headlines:

- AQAv2 live: HYPE buybacks funded by USDC yield
- PancakeSwap x TermMax launch $70K CAKE staking event
- Aerodrome adds MAG7 stock exposure on Base
- Portals x Superform launch superNVDA tokenized stock campaign
- Superposition deprecating USDC — cutoff August 28
- Tydro v2 launches fixed-rate borrowing on Ink
- Reflect opens first tranched pre-deposit market
- Lighter cuts proof times 10x, faster withdrawals
- Arcus launches tokenized leveraged perp positions (pTokens)

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Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 11% Stables and >5%on ETH:

Loopscale – OnRe Growth Vault –10.56% APY(Solana – Multi-venue lending vault)

This is a diversified multi-venue vault, not a single ONyc-collateral bet: 84.46% allocated to Loopscale’s own lending markets (10.88% APY), 14.59% to Kamino (6.12% APY), and a negligible sliver to Exponent’s fixed-yield ONyc market (15.27% APY). Direct ONyc exposure sits at just 0.086% in unallocated reserves — far less than the earlier ONyc-collateral framing suggested.

Loopscale’s own markets (84.46% of the vault) are the dominant risk driver here — the specific collateral those 3 positions accept isn’t detailed on this view and is worth checking under Loopscale’s Allocation tab before assuming this is meaningfully diversified away from any single asset. Vault is nearly fully deployed (99.08%) against a $10M cap, with $6.576M currently supplied.

Risk — Medium ⚠️
Most yield comes from Loopscale’s own lending markets — verify what collateral those 3 positions accept, since “diversified across venues” doesn’t necessarily mean diversified across asset types if Loopscale’s markets are concentrated. Kamino allocation is standard Solana lending risk.

Exponent’s fixed-yield ONyc sliver is negligible in size but carries the reinsurance-backing risk discussed for ONyc directly (regulated but novel, real-world claims exposure). Loopscale, Kamino, and Exponent smart contract risk all apply given the multi-venue structure.

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Balancer – USDT0/AUSD/USDC Tristable ~10-11% APR(Monad – V3 Stable LP)

Composed of USDT0, AUSD, and USDC, each wrapped as yield-bearing Morpho-style tokens (waMonUSDT0, waMonAUSD, waMonUSDC) contributing 2.52% combined passive yield on top of trading fees. The displayed Merkl incentive component (10.52% shown) is affected by Balancer’s known double-counting bug — already reported to their team, not yet fixed.

Risk - Medium ⚠️

Displayed APR is currently inflated by a confirmed Balancer accounting bug — don’t size a position off the 13.05% headline.

Underlying composition spans three different stables (USDT0, AUSD, USDC) each with their own backing model; verify each individually. Genuine organic swap volume is a positive signal versus a purely incentive-driven pool. Monad network risk applies. Balancer V3 architecture (unaffected by the Nov 2025 V2 exploit).

Balancer – WETH/rETH LP –4.81% APR (Ethereum – V3 ETH LST LP)

WETH (native ETH, wrapped) paired with rETH — Rocket Pool’s liquid staking token. Every rETH represents a proportional claim on the total pool of ETH staked across Rocket Pool’s validators, accruing value not through token distribution but through exchange-rate appreciation as staking, priority, and MEV rewards accumulate.

Node operators add a second layer of protection: they bond their own ETH and RPL collateral, which absorbs slashing penalties before rETH holders are affected. Redemption works either through Rocket Pool’s deposit pool liquidity or via DEX markets.

Breakdown: 1.64% yield-bearing (waEthWETH 0.59% + rETH 1.05%) plus 3.16% Merkl incentives, totaling 4.81%. Runs on Balancer V3, unaffected by the November 2025 V2 exploit.

Risk — Lower
Both assets are ETH-correlated, so impermanent loss is minimal.

Rocket Pool’s dual-layer collateral (node operator ETH bonds + RPL) is a genuine backstop against slashing before it reaches rETH holders — a meaningful structural difference from more centralized LSTs.

Near-zero organic swap volume means this pool exists mostly for LST accrual, not trading — fine for passive holding.

The incentive component (3.16%) should be treated with the same caution as the Monad pool until we confirm Balancer’s double-counting bug doesn’t apply here too. Standard Balancer and Rocket Pool smart contract risk applies.

This Week’s Farming News:

• Tangent’s $sUSG currently offers a 9.37% APY with a total value locked (TVL) of $1.26M since its inception.

• Ondo Perps $175K USDC rewards pool is available this week, with $25K allocated to trading precious metals like Gold (XAU) and Silver (XAG)

• Tori Finance invites users to supply USDC to its ecosystem vault on Morpho, offering competitive lending rates and a 10x Cores boost on supplied amounts.

• Solstice strcUSX offers a junior vault with a current APY of 36%, incentivizing by absorbing the first-hand risk on STRC.

• Pendle increases pool caps for PT Looping incentives to $15M for PT-reUSD and PT-sUSDS, offering amplified looping APYs up to 53.7%.

• Kamino launches the Solana Mobile USDC Earn Vault, enabling users to deposit USDC directly from the Solana Mobile Seeker.

• Liquity offers users the chance to earn $8K in $BOLD by migrating loans or opening leveraged positions on Liquity V2.

Today’s News Headlines:

- Trump announced major plans for crypto at the White House
- Metaplanet launches $2.1B Bitcoin treasury platform
- Oku Trade launches tokenized stock lending
- DecibelTrade adds BTC and APT spot trading
- Solstice boosts strcUSX Flares rewards
- ParagonsDAO announces end-of-year shutdown
- Concrete launches M0-powered concUSD stablecoin
- Printr shuts down August 31
- Harmony rolls back chain after exploit

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This Week’s Farming News:

• Pendle launches Ecosystem USDC vault on Morpho, co-curated with Wintermute, distributing 7,500 PENDLE weekly across PT-reUSD, PT-sUSDS, and PT-USDG positions.

• Pendle launched PT Looping incentives — extra 2% APY on top of fixed PT yield through August 27, capped per pool. Existing loopers since July 16 get a retroactive 3% APY bonus.

• Solstice launched strcUSX on Solana, splitting STRC’s ~12% dividend into a senior tranche (~7% target, paid first) and a junior first-loss tranche (~20% target).

• OnRe USDC Vault cap increases to $30M on Solana, offering 7.2% APY including ONyc rewards and 3x OnRe points.

• Mezzanine launches "Tranche Anything" to tokenize any yield product into tranched markets, not just its own vault.

• Tangent Finance highlights Stake DAO's sUSG/reUSD pool offering 27.46% APR (10.44% base + 17.02% $CRV) among stablecoin pools.

Farming Benchmarks:

Unincentivized stablecoin lending is still averaging 3–5% (Aave USDC led last check at 3.47%). Fixed-rate PT benchmarks span 3–7% (USDG ~3.03%, USDS ~5.25%, AUSD ~6.73%). Every farm below beats that baseline — some by 4–5x. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 15% Stables and >5%on ETH:

StakeDAO – OUSD/crvUSD LP –19% APR(Ethereum – Boosted Curve LP)

Curve pool pairing OUSD (Origin Protocol’s yield-bearing stablecoin) with crvUSD, boosted via StakeDAO’s veCRV lock. The headline 19% is almost entirely CRV emissions — organic trading fees contribute just 0.10%. This is the highest APR in the letter, but it’s also attached to the smallest pool by far.

Risk — High ⚠️
Underlying TVL is $3.73K — this is an extremely thin pool. Any meaningful deposit becomes a large share of the pool, and exiting could move the price against you. 99.6% of the yield is CRV emissions, which can taper sharply if gauge votes shift — there is essentially no organic yield floor here. OUSD itself carries its own strategy and smart contract risk. Treat this as a small, speculative allocation only.

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Pendle – LP sUSDe –11.67% APY(Monad – Pendle LP)

An LP position (not the fixed PT) in Pendle’s sUSDe market on Monad. sUSDe is Ethena’s yield-bearing synthetic dollar, combining yield from staked ETH and Ethena’s basis strategy. LPs earn trading fees from PT/YT swap activity plus the underlying sUSDe yield — this is meaningfully more liquid than the OUSD pool above, with $15.46M in AMM liquidity.

Risk - Medium ⚠️ LP yield is variable and will compress as the Oct 22 maturity approaches and PT/YT trading activity slows. sUSDe’s yield has shifted post-Q1-2026 toward more lending/RWA sourcing and less pure basis trade, generally more stable but lower-yielding at the margin. Pendle AMM mechanics behave differently from a standard LP — review how impermanent loss works in this specific pool type before entering. Monad network risk applies. Pendle smart contract risk applies.

StakeDAO – ETH+/WETH LP – 5% APR (Ethereum – Boosted Curve LP)

Curve pool pairing ETH+ with WETH, boosted via StakeDAO. This is the deepest, most established pool in the letter — $9.81M underlying TVL with $3.09M currently deposited through StakeDAO. The lowest headline rate here, but also the lowest risk by a wide margin.

ETH+ is Reserve Protocol’s ETH index token, 100% backed by a diversified basket of five ETH liquid staking tokens: 50.07% wstETH (Lido), 23.50% weETH (Ether.fi), 14.96% sfrxETH (Frax), 6.47% ETHx (Stader), and 5.00% rETH (Rocket Pool), with a 2.34% blended staking yield and a 9% Staked RSR overcollateralization buffer.

Risk — Lower
All five underlying collaterals are ETH-pegged LSTs, so ETH+ tracks ETH closely and impermanent loss against WETH is minimal in normal conditions. The diversification across five LSTs actually reduces single-protocol risk versus holding one LST directly — but it also means you inherit a slice of smart contract risk from all five (Lido, Ether.fi, Frax, Stader, Rocket Pool), plus Reserve’s own index layer. The 9% Staked RSR buffer provides a first-loss cushion if any collateral underperforms. Roughly 30% of the yield (1.63% of 5.53%) is organic trading fees, the rest CRV emissions. Curve and StakeDAO smart contract risk applies.

Today’s News Headlines:

- Hyperliquid adds automated token holder payouts
- Hyperliquid invests $29M for US expansion
- xStocks expands tokenized equities into HyperEVM
- Gnosis proposes Ethereum rollup transition
- Solana narrowly avoids transaction finality halt

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Today’s News Headlines:

- Arc Mainnet confirmed for September 16 launch
- Sen. John Kennedy calls for an immediate Senate vote on the CLARITY Act
- Cloudflare launches native crypto wallets
- ai16z founder winds down token
- Mastercard pilots stablecoin compliance framework

Find and execute the 15%+ stablecoin yields in minutes
Save time without checking every protocol manually. DeFi Saver’s Discover page surfaces rates across Aave, Morpho, Spark, and more, lets you simulate leverage before committing, and handles the full loop in one click. Stop leaving yield on the table.

<Discover Yields on DeFi Saver> | Today in DeFi is Supported by DeFi Saver

This Week’s Farming News:

• Resupply executes Proposal 33, increasing borrowing rewards in RSUP by 33% by routing 6.25% weekly emissions from the concluded Retention Program to borrowers.

• Aave's Monad market offers USDe collateral a 1% yield boost on top of Ethena's promotional rewards for a total of 5% APY.

• Curve Finance activates CRV rewards on 3 new Llamalend v2 gauges with instant claim via Stake DAO deposits.

• Term launches RockawayX Tori USDC Ecosystem Vault on Ethereum, lending USDC against trUSD, strUSD, and PT tokens.

• Tangent Finance launches cbBTC/WBTC lending market on Ethereum with CRV incentives, allowing borrowing against Curve LP tokens while keeping rewards.

• Hylo opens XP farming on all Solana LP pairs containing hyUSD on Meteora, earning 5 XP per day per 1 hyUSD staked.

• Felix Protocol offers 12.09% APY on USDT0 deposits on Hyperliquid L1, driven by strong borrow demand across kHYPE, HYPE, UBTC, and wstHYPE markets.

• Curvance launches the Agua Global Carry Vault on Monad via Reservoir, introducing aguaUSDCgc as a yield-bearing USDC market position

Farming Benchmarks:

Average Lending APY on proven stablecoins: 3 - 5%

Unincentivized. Yields are still holding in the 3–5% range. Aave USDC was this week’s standout, up 29bp to 3.47%, while sUSDe and syrupUSDC gave back the most ground (-15bp, -11bp). Ondo’s USDY remains the steadiest name on the board, flat for a second straight week.

Fixed Rate benchmark: 3 - 7%

Fixed-rate (PT) benchmarks range 4–7%:
USDG at 3.03%, down from last week’s 3.27%
USDS at 5.25% - slight change from last week’s 5.23%
and AUSD at 6.73% (slightly up from last week’s 6.51%

Earn Up to 15% Stables and >5%on ETH:

StakeDAO – Llamalend wstETH crvUSD Lending – 15.% APR (Ethereum – Boosted lending)

Lend crvUSD into Curve’s Llamalend market where borrowers post wstETH as collateral, boosted via StakeDAO’s veCRV lock (2.50x) on top of the base Curve lending rate. On the base (unboosted) Curve app, net supply APY shows 7.11% (30-day average 9.66%), and StakeDAO’s boost pushes it to the current 15.74% APR shown on their vault. Underlying TVL is $1.37M with total deposits on StakeDAO’s side still very small ($22.56) — this looks like a fresh, thinly-deposited strategy.

Risk — Medium ⚠️
The historical rate chart tells an important story: current APY on the base market has fallen sharply to 0.19%, down from a 1M average of 2.46% and 1Y average of 4.12% — this rate is genuinely volatile and swings with wstETH borrowing demand.

The StakeDAO boosted figure (15.74%) reflects a snapshot and can move just as much as the base rate does. With only $22.56 currently deposited through StakeDAO, this vault has essentially no track record yet — you’d be an early depositor.

Available liquidity on the base market is $570.26K against $1.52M total, which is reasonable, but confirm current conditions before entering given how much the rate has moved recently. Curve, Llamalend, and StakeDAO smart contract risk applies.

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Aerodrome – Slipstream USDC/USDT LP – Up to 11% APR(Base – Concentrated LP)

A concentrated liquidity (CLMM) position on Aerodrome’s Slipstream on Base, pairing USDC and USDT. Unlike a standard stable pool, this requires setting a price range — tighter ranges earn more fees per dollar deployed but need more active management, since the position stops earning if the price moves outside your range. At the tightest ±0.01% range, current APR was showing ~3.91%; wider ranges or Autopilot mode can push toward the 11% ceiling depending on volume and range selection.

Risk - Medium ⚠️ This is not passive — CLMM positions require monitoring and occasional rebalancing as price drifts, or the position falls out of range and stops earning fees entirely. The actual APR you get depends heavily on the range you choose; the 11% figure is not guaranteed at every setting. USDT counterparty risk (centralized issuer) applies. Aerodrome and Base smart contract/network risk applies. More hands-on than the other picks this week.

IPOR – TAU cbETH Dynamic Looping –5.7%+ 3% APY + IPOR Points(Base – Leveraged loop)

IPOR’s automated TAU strategy loops cbETH (Coinbase’s liquid staking token) across Aave v3 Core, Euler v2, Clearstar Fusion, and Morpho on Base, dynamically rebalancing to optimize the spread without manual management.

Current spot APY is 5.74%, with the position also earning IPOR points as a bonus on top. Aave v3 Core is the dominant allocation (93.5%: $37.2M assets at 2.37%, $32.9M liabilities at 1.95%), with smaller slices in Euler and Morpho. Withdrawals are scheduled with a 12-hour delay rather than instantly.

⚠️ The 30-day performance chart shows real spikes and dips rather than a flat rate — expect variability. The 12-hour withdrawal delay means you can’t exit instantly in a fast-moving market. cbETH is Coinbase’s LST, carrying centralized issuer risk on top of standard smart contract risk. IPOR’s dynamic strategy adds a contract layer managing the loop across four separate protocols (Aave, Euler, Clearstar, Morpho) — more moving parts than a single-protocol loop. Base network risk applies.

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Today’s News Headlines:

- Trade.xyz covers losses from SK Hynix flash crash
- Hastra expands into auto loans
- BRIX launches FX carry trades
- Reflect launches yield tranching on Solana
- Orca adds LP auto-compounding
- Jupiter launches Spot V2
- Senate prioritizes Clarity Act passage

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This Week’s Farming News:

• Reflect launched a universal tranching layer on Solana — split any yield-bearing asset into a protected or leveraged tranche, launching soon with a major DeFi issuer.

• Axis Origin Vault launches on Ethereum with a $50M initial cap, powered by Upshift, accepting USDT, USDC, or USDx deposits.

• Hastra launches AUTO on Solana backed by U.S. auto loans, bringing near-prime consumer lending yield onchain for the first time.

• Pareto Credit launches institutional yield on Solana via Nest Credit, offering exposure to FalconX Global prime brokerage lending.

• fxSAVE leads the Stable Yields leaderboard with 8.59% APY on USDC across Ethereum.

• Pendle offers PT-AUSD at 6.67% fixed APY on Monad, with native AUSD yield at 3.5%. AUSD supply on Monad reached $118M (up 65% in 30 days)

• 1inch commits 10M 1INCH and 500k USDC to Aqua LP rewards across 80+ markets over three months via Merkl.

• World Liberty Fi USD1 campaign runs through Aug 7 on Binance, offering up to 5.56% APR on USD1 holdings.

• Makina Finance launches Senior Royco USDC Machine on Ethereum, deploying capital exclusively into Senior tranches across Royco Dawn markets.

• Hylo enables XP rewards on all Meteora LP pools paired with hyUSD stablecoin on Solana.

• Jupiter Lend‘s Earn Vaults now offer over 5% APY on JUICED and jlUSDC yield-bearing receipt tokens.

Farming Benchmarks:

Average Lending APY on proven stablecoins: 3 - 5%

Unincentivized Lending yields on proven stablecoins are holding in the 3–5% APY range. Aave USDT lending sits at the low end (2.7%), while Maple’s Syrup USDC leads at 5.07%. Institutional products — Ondo’s USDY strong at the 3.5% level.

Fixed Rate benchmark: 4 - 7%

Fixed-rate (PT) benchmarks range 4–7%: USDG at 3.27%, USDS at 5.5% slightly down from last week’s 5.5%), and AUSD at 6.51% (slightly down from last week’s 6.86%)

Earn Up to 12% on USD Stablecoin Farms:

StakeDAO – USD3/sUSDe LP – USD3 + sUSDe –11.21% APR(Ethereum – Boosted Curve LP)

Curve stable pool pairing USD3 (3Jane’s diversified stablecoin, backed by a mix of SMB loan receivables, crypto money markets, and consumer credit lines) with sUSDe (Ethena’s yield-bearing stablecoin). Boosted via StakeDAO’s collective veCRV lock (1.74x) — no personal CRV lock needed. Notably, 3.50% of the yield is genuine trading fees, not just emissions — a healthier ratio than most incentivized pools this week.

Risk — Medium ⚠️ USD3 is Reserve Protocol’s basket-backed stablecoin, diversified across multiple underlying stables and yield sources rather than a single collateral type — its peg depends on that basket holding value collectively.

sUSDe carries residual Ethena risk, though its yield now leans more on lending/RWAs than basis trading post the Q1 2026 pivot. 7.71% of the yield is CRV emissions and can taper if gauge voting shifts. Curve and StakeDAO smart contract risk applies.

Pendle – PT reUSD (USDC) – reUSD –11% Fixed APR(Ethereum – Pendle PT)

Pendle Principal Token on reUSD — buy at a discount today and redeem 1 USDC at maturity, locking in a fixed 11% APR. reUSD earns the greater of risk-free rate +250bps or Ethena basis yield +250bps, with off-chain deployment to reinsurance surplus notes. Instant redemption on reUSD is a genuine advantage over most PTs.

Risk — Medium ⚠️ PT price can fall before maturity if implied yields rise — only matters if you sell early rather than holding to maturity. reUSD’s yield floor is partly tied to Ethena’s basis conditions, so sUSDe market stress feeds into what reUSD earns. Standard reUSD depeg risk applies given its off-chain reinsurance exposure. Pendle smart contract risk applies.

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Kamino – Steakhouse USDG High Yield – USDG –7.4% APY(Solana – Lending vault)

Lend USDG — Paxos’s regulated, fiat-backed stablecoin from the Global Dollar Network — into Steakhouse Financial’s curated high-yield vault on Kamino. Steakhouse is one of the most reputable curators in DeFi, known for conservative parameter-setting on Morpho and now extending that reputation to Solana via Kamino. This is a straightforward lending position with a fully regulated stablecoin as the underlying asset.

The vault is a slightly higher lending strategy allocating across highly liquid Kamino markets: Maple Market (2.5%), SOL/BTC Market (64%), Prime Market (26.3%), and a small JLP slice. $112.49M supplied against $101.98M borrowed. 0% management fee, 5% performance fee. Live since September 2025.

Risk — Low/Medium⚠️ Utilization is high at 90.65% — meaning available liquidity is thin relative to deposits, so large withdrawals may face a queue and rates can swing quickly. 3.71% of the yield is incentives, so the sustainable base is closer to the ~4% underlying market APYs. The largest allocation (45%) sits in Maple Market, which carries off-chain institutional credit exposure, and the SOL/BTC market adds volatile collateral. PYUSD itself is one of the cleanest stables available. Kamino and Sentora smart contract risk applies, plus Solana network risk.

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Today’s News Headlines:

- Ondo perps launch points program
- CLARITY Act advances to Senate floor vote
- AFX loses $24M in bridge exploit
- Movement Labs files for Chapter 11
- YieldBasis proposes $10M WBTC expansion
- Grass Stage 2 USDC claims go live
- 42DAO’s stablecoin collapses 99% after oracle exploit
- B²Network exploited for $3.86M on BNB Chain

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This Week’s Farming News:

• Apyx launches a new vault with Arkonix that deposits apxUSD and loops PT-apyUSD across Pendle and Morpho for amplified fixed yield.

• IPOR introduces the Base USDC Lending Optimizer by Clearstar Labs, allocating liquidity across Aave, Euler, and Morpho on Base with cbAsset market access.

• Aave V4 Prime Hub now offers 1% USDC rebates on borrow rates, paid in USDC, for borrowers using bluechip collateral at high factors.

• Liquity offers 10% APR on ETH deposits via the Liquity vault on Fusion (powered by IPOR), with ~330 ETH capacity remaining on Ethereum.

• Hylo launches xBTC on Solana, offering 3x leveraged BTC exposure as a liquidation-resistant token with 0% minting fees this week.

• Pendle is proposing to launch PT-AUSD on Aave V3.

• Saturn Credit allocates $5,000 in incentives to the Saturn Vault on Monad over two weeks, with potential increases based on borrow demand.

• Mezzanine is offering multiple ways to deploy USDC: mint liquid mzUSD, LP, or lend to earn points pre-launch.

• LoopScale adds $1M USDC liquidity to OnRe Loops on Solana, offering up to >20% APY on PT-ONyc and >10% APY on ONyc + 6x OnRe Points.

Farming Benchmarks:

Average Lending APY on proven stablecoins: 3 - 5%

Unincentivized Lending yields on proven stablecoins are holding in the 3–5% APY range. Aave USDC lending and Circle’s USYC sit at the low end (3.15%), while Maple’s Syrup USDC leads at 4.82%. Institutional products — Ondo’s USDY strong at the 3.5% level.

Fixed Rate benchmark: 4 - 7%

Fixed-rate (PT) benchmarks range 4–7%: USDG at 4.21%, USDS at 5.5%( up from last week’s 4.98%), and AUSD at 6.86% (also up from last week’s 6.68%)

Earn Up to 12% on USD Stablecoin Farms:

StakeDAO – USD3/scrvUSD LP – USD3 + scrvUSD – 12.11% APR (Ethereum – Boosted Curve LP)

Curve pool pairing USD3 with scrvUSD, boosted via StakeDAO’s collective veCRV lock (1.49x). USD3 is 3Jane’s yield-bearing stablecoin, backed by a diversified credit mix — roughly 57% SMB loan receivables, 30% crypto money markets (Aave), plus consumer installment loans and multi-chain credit lines.

scrvUSD is the savings version of crvUSD, accruing yield from Curve’s lending revenue. APR breaks down as 0.76% trading fees + 11.35% boosted CRV. TVL is $262.54K.

Risk — Medium ⚠️ ~94% of the APR is CRV emissions, so this is primarily an incentive farm — if gauge voting shifts, the rate compresses toward the sub-1% trading fee base. The 1.49x boost is on the lower end for StakeDAO, meaning less reward capture than pools with higher boosts. USD3’s credit-heavy backing carries real-world loan performance risk rather than on-chain collateral risk. TVL is thin at $262K — size entry and exit carefully. Curve and StakeDAO smart contract risk applies.

Euler – K3 Capital USDtb Vault – USDtb –10.68% APY(Ethereum – Lendin g

Lend USDtb — Ethena’s T-bill-backed stablecoin with reserves in BlackRock’s BUIDL fund — into K3 Capital’s Prime Market vault on Euler. Total supply APY is 10.68%: 3.45% base lending yield plus 7.23% in USDtb Merkl rewards (campaign ends July 24, 2026).

USDtb is one of the cleanest stables to lend — direct T-bill backing, no basis exposure. Borrowers post a mix of collateral, mostly weETH (63%) plus USDC, USDT, WETH, and WBTC. $468.96K total supply with $126.17K available liquidity.

Risk — Medium ⚠️ 7.23% of the yield is a Merkl reward ending July 24 — after that, the rate drops toward the 3.45% base. The dominant collateral is weETH (63% exposure), so an EtherFi/restaking issue or weETH depeg is the main collateral risk. Available liquidity is modest at $126K — larger exits may queue. K3 Capital is a smaller, newer curator. Euler smart contract risk applies.

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Kamino – Sentora PYUSD Vault – PYUSD – 7.53% APY (Solana – Lending vault)

Lend PYUSD — PayPal’s stablecoin, issued by Paxos Trust Company on behalf of PayPal under NYDFS regulation and backed 1:1 by cash and short-duration Treasuries — into Sentora’s Balanced-profile vault on Kamino. Supply APY is 7.53% (90-day average 6.45%), of which 3.71% comes from PYUSD incentives (~80K PYUSD distributed weekly).

The vault is a conservative lending strategy allocating across highly liquid Kamino markets: Maple Market (45%), SOL/BTC Market (28.3%), Prime Market (26.3%), and a small JLP slice. $112.49M supplied against $101.98M borrowed. 0% management fee, 5% performance fee. Live since September 2025.

Risk — Low/Medium⚠️ Utilization is high at 90.65% — meaning available liquidity is thin relative to deposits, so large withdrawals may face a queue and rates can swing quickly. 3.71% of the yield is incentives, so the sustainable base is closer to the ~4% underlying market APYs. The largest allocation (45%) sits in Maple Market, which carries off-chain institutional credit exposure, and the SOL/BTC market adds volatile collateral. PYUSD itself is one of the cleanest stables available. Kamino and Sentora smart contract risk applies, plus Solana network risk.

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Today’s News Headlines:

- Maple Proposes Revenue-Based SYRUP Buybacks
- World Migrates to Robinhood Chain
- Jito Confirms Solana-Only Trading Venue
- PancakeSwap Launches on Robinhood Chain
- Rysk V12 Goes Live on Ethereum
- N1 Acquires 01Exchange
- Arbitrum Earns Fees From Robinhood Chain

This Week’s Farming News:

• StableEarn launches on StableHub, enabling USDT holders to earn on-chain yield directly through the platform.

• Exponent launches srONyc on Solana, offering protected exposure to ONyc with 8.36% APY and 45.32% principal protection.

• Apyx launches new Morpho markets for PT-apxUSD and PT-apyUSD with 86% LLTV, curated by Hyperithm. Suppliers earn 40x points multiplier toward the October 13 airdrop.

• Goblin Finance launches Goblin Private Credit I, its first RWA vault on Aptos via Pharos Network with a $20M limit. The permissioned private credit vault settles fully on-chain through Ember Protocol.

• Jito launches JTX waitlist with access opening next week, confirming it will build exclusively on Solana rather than the Robinhood chain.

• SkyMoney offers fixed yield on sUSDS at 4.97% APY through November 26, 2026, built with Pendle Finance.

• Yieldbasis reopens capacity in main leveraged farming pools on Ethereum with limited availability.

• Stacks launches stBTC liquid staked Bitcoin via Stacking DAO, enabling BTC holders to earn base yield while keeping capital active in lending and trading.

• Neverland launches Merkl campaigns on Monad for AUSD and Pendle PT-AUSD supplies with nMON incentives.

• Turtle launches Huma PST Vault on Ethereum targeting 10-15% APY by supplying USDC and looping 2.5-3x through Morpho.

Farming Benchmarks:

Average Lending APY on proven stablecoins: 3 - 5%

Lending yields on proven stablecoins are holding in the 3–5% APY range. Sky Lending’s sUSDS sits at the low end (3.60%), while Maple’s Syrup USDC leads at 4.99%. Institutional products — Circle’s USYC and BlackRock’s BUIDL — price between 3.2–3.4%.

Fixed Rate benchmark: 4-7%

Fixed-rate (PT) benchmarks range 4–7%: USDG at 4.21%, USDS at 4.98%, and AUSD at 6.68%.

Earn Up to 10% on USD Stablecoin Farms:

Upshift – earnAUSD Pool – AUSD –7% APY(Monad – Yield vault)

earnAUSD is Upshift’s primary liquid yield token on Monad, systematically allocating AUSD across top DeFi opportunities — starting with lending optimization across Morpho, Euler, Curvance, and Uniswap, with plans to expand to basis trades. The vault is curated and composable across the main Monad protocols.

Share price of 1.0279 reflects accumulated yield since launch. One important mechanic: yields are realized on a randomized schedule (usually within 3 days). Withdrawing before the next yield realization may result in lower effective returns than the quoted APY.

Risk — Medium ⚠️ AUSD is less battle-tested than USDC or USDT. Upshift’s multi-strategy allocation means yield sources and risk vary with the vault’s underlying positions — check the current allocation on their dashboard. Gamma Research curates the strategy but this adds a layer of trust in their risk judgment. Monad network risk applies as a newer chain.

Aave V3 – AUSD Lending –7% APY (Monad – Lending)

Lend AUSD into Aave’s Monad v3 market. Total APY is 6.70%: 2.00% base lending yield plus 4.70% WMON via a Merkl incentive program initiated by the Aave DAO.

Note that the WMON reward applies to your net lending position — AUSD supplied minus any AUSD, GHO, mUSD, USDC, USDT0, WETH, or USDe borrows you have open. Supply is 71.72% utilized ($14.34M of $20M cap) with $4.83M available liquidity.

Risk — Lower⚠️ AUSD is the main variable here — less established than USDC or USDT. Aave’s protocol risk is well-understood and battle-tested across multiple chains. Monad network risk applies. The 7% rate is variable and will fluctuate with borrowing demand — verify live before entering.

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Morpho – StableEarn Vault – USDC –9% APY(Ethereum – Lending vault)

Gauntlet-curated Morpho vault on Stable chain accepting USDT0 deposits. Net APY is 13.44%: 7.54% vault yield plus 5.89% in gtusdtb (Gauntlet’s USDtb token) rewards. 0% performance fee and 0% management fee.

The vault follows Gauntlet’s Balanced framework — optimizing for risk-adjusted yield across large and medium risk sources

Exposure is to USDT0 and Theo’s institutional RWA products (thBILL, thGOLD, thUSD backed by Standard Chartered Libeara and Wellington Management). $1.26M available liquidity against $18.56M deposits.

Risk — Medium ⚠️13% on a USDC vault is above the typical range for conservative Morpho curators (4–8%), which means either incentives are driving the headline or the collateral set is more aggressive than standard. Check the curator identity and allocation breakdown on Morpho before sizing in. Standard Morpho smart contract risk applies.

Farm Up to 20-35% on Stablecoins

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Today’s News Headlines:

- Robinhood Chain launches on mainnet
- Morpho powers Robinhood Earn
- Maple expands to Robinhood Chain
- dYdX launches Arcus on Robinhood Chain
- dYdX Foundation clarifies Arcus separation
- Edel pauses V1 after oracle exploit
- AaveChan shuts down after three years
- Theo invests $20M into FILQ
- Symbiotic launches Core V2
- Drift DEX rebrands to Velocity

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This Week’s Farming News:

• Pendle’s PT-USDG (Sep 2026) is now live as collateral on Aave V4’s newly launched Global Dollar Hub.

• Tangent Finance launches a boosted USG-GHO pool on Balancer, offering up to 7.27% APR with 105 points/day per dollar.

• Liquity Carry Vault on IPOR offers ~10% APR on ETH without looping risk, with yields paid in ETH from Liquity-generated revenue.

• Morpho offers 7% APR on stablecoins through Robinhood Chain, an Ethereum L2 built on Arbitrum's Orbit stack.

• Exponent offers PT-ONyc fixed-rate RWA yield at 15%+ APY on Solana with maturity on September 10th.

• Solstice renews incentives on Exponent Finance for another month with $15.6k USX/eUSX rewards for Limit Orders through July 27 and $2.4k eUSX for Liquidity Pools through July 31.

• Exponent renews $50K+ in monthly rewards across Solana with Limit Orders ($25K+ until July 27), Liquidity Pools ($11.5K+ until July 28), and Strategy Vaults ($15K until Aug 8).

• Citrea launches cBTC yield vault with Noon Capital, offering institutional-grade Bitcoin returns through automated looping between cBTC deposits and USN stablecoin strategy.

• TermMax launched TermPrime on Canton Network, a permissioned fixed-rate lending venue for KYB’d institutions — completing its first live 7-day test trade with CBTC as collateral, private transaction data, and atomic settlement.

Earn Up to 10% on USD Stablecoin Farms:

StakeDAO – USDT/USDe LP
9% APY (Ethereum – Curve LP

Curve stable pool pairing USDT with USDe (Ethena’s dollar-pegged stablecoin), boosted via StakeDAO on Arbitrum. Yield breakdown: 4.79% trading fees + 5.79% boosted CRV (1.67x). The high trading-fee component (4.79%) is notable — it reflects genuine swap demand between USDT and USDe rather than pure emissions, making this more organic than most incentivized stable pools - but maybe volatile since if the trading volume decreases. No CRV lock needed via StakeDAO.

Risk — Low/Medium⚠️
USDe’s risk profile has changed materially since its basis-trade era. Following Ethena’s Q1 2026 architecture shift, yield now comes primarily from institutional lending, stable spreads, and RWAs rather than perp funding — more stable but lower-yielding natively.

Curve and StakeDAO smart contract risk applies.

Euler – K3 Capital USDtb Vault – USDtb – 9.72% APY (Ethereum – Lending)

Lend USDtb — Ethena’s T-bill-backed stablecoin with reserves held in BlackRock’s BUIDL fund — into K3 Capital’s governed Euler vault. Supply APY breaks down as 2.08% base lending yield plus 7.64% in USDtb Merkl rewards, with the reward campaign running until July 10, 2026. USDtb is one of the cleanest stablecoins to lend — direct T-bill backing, no basis trade exposure, distinct from USDe. The vault is managed by K3 Capital across 9 borrowable markets with mixed collateral including sUSDe and others.

Risk — Low/Medium
The current 9.72% is a recent spike driven by fresh Merkl rewards — the average realistic APY once things normalize is closer to 7%+, and post-July 10 the rate drops to the 2.08% base unless a new campaign starts. USDtb itself is a strong underlying asset.

The collateral borrowers post includes sUSDe — any Ethena peg stress tightens borrower ratios and increases bad debt risk in the vault. K3 Capital is a smaller, newer curator than Steakhouse or Sentora. Euler smart contract risk applies.

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Pendle – PT reUSD (USDC)
9.4% Fixed APY (Ethereum – Pendle PT)

Pendle Principal Token on reUSD maturing December 10, 2026 — 161 days out. Buy at a discount today and redeem 1 USDC at maturity, locking in a fixed 9.71% APY. reUSD earns the greater of risk-free rate +250 bps or Ethena basis yield +250 bps, and deploys off-chain to reinsurance surplus notes. Instant redemption on reUSD is a meaningful advantage over most PTs. The longer maturity (vs the expired Jun 25 PT) gives more time for the fixed yield to compound.

Risk — Medium⚠️
Two specific risks to flag here.

First, PT price can fall before maturity — if interest rates rise broadly or reUSD’s perceived yield drops, the PT’s secondary market price moves down, meaning you could exit at a loss if you sell before Dec 10 rather than holding to maturity. This is only a risk if you don’t hold to maturity.

Second, reUSD depeg risk — if reUSD loses its $1 peg, the PT redeems at a discount. reUSD has a strong track record and a yield floor from the risk-free rate component, but the off-chain reinsurance exposure means it’s not fiat-backed in the traditional sense. Pendle smart contract risk applies.

Farm Up to 18% on Stablecoins and 26% on ETH

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