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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.
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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