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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.
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, with no APR history available.
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.
<Discover Yields on DeFi Saver> | Today in DeFi is Supported by DeFi Saver
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