Base Rates Are Under 5% — 2 Farms Still Pay 11–19%

Selected picks across USD stables and ETH. APYs are current as of today — verify live before entering.

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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.

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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.

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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.

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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.

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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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