Farming Alpha: Earn up to 11% on Stablecoin LPs & 6% on ETH

Jun 11, 2026

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Today’s News Headlines:

- Raydium loses $1.3m in exploit
- Ethena secures Janus Henderson backing
- Japan banks form stablecoin council
- Curve votes borrower compensation plan
- Babylon advances native BTC lending
- Aevo adds customizable hype options

This Week’s Farming News:

Curve deployed Llamalend v2 on Optimism, enabling LP-backed lending with isolated markets and upgraded LLAMMA liquidation mechanics.
Pendle launched new rUSDe and jrUSDe pools maturing Oct 2026, introducing senior and junior risk tranches for Ethena’s sUSDe yield markets.
3Jane launched publicly with USD3 and sUSD3, a credit-backed stablecoin system integrated across Curve, Morpho, Pendle, and Frax.
Kamino launches $35K monthly USDC incentives across the OnRe Market on Solana.
Yield Basis is voting on reducing the HybridVault collateral requirement from 55% to 45% of crypto deposit value, lowering the barrier to entry for depositors.
Exponent launched a Solstice Yield Looping vault on Solana, curated by Allez Labs, that automates PT-eUSX and USX credit looping on Kamino in a single deposit with $15K in USX rewards at launch.
Loopscale launched Loopscale Earn, offering managed yield vaults that combine lending, looping, and fixed-income strategies.
Revert Finance, relaunched Aerodrome Lend on Base, allowing LP positions to be used as collateral for USDC borrowing.
Huma launched a USDC Vault on Morpho, bringing its PayFi-backed yield strategy from Solana to Ethereum.
Sentora launched a PYUSD/USDe vault on Kamino, providing PYUSD exposure to USDe-backed lending markets.
PancakeSwap opened liquidity farming on Base for XSGD-USDC, USDC-USDT, and cbETH-WETH pools.
PancakeSwap launched LP Season with $300K in rewards across 10 pools on BNB Chain, Base, and Arbitrum, accessible via Binance Wallet.

Earn Up to 10% on USD Stablecoin Farms:

USD3/sUSDe LP - 11% current vAPR - Convex + Curve

Convex + Curve · Ethereum · Boosted LP · $135.6k TVL

Curve stable pool pairing USD3 (Reserve Protocol’s basket-backed stablecoin) with sUSDe (Ethena’s yield-bearing stablecoin). Staked via Convex for a 2.27x CRV boost. Yield breakdown: 2.52% base trading fees + 7.59% boosted CRV + 0.045% CVX. No lock-up required — Convex handles the veCRV boosting collectively.

Low risk ⚠️ sUSDe’s risk profile has changed materially since its 2024–2025 basis-trade era. Following Ethena’s Q1 2026 architecture pivot, the perp funding share dropped from ~93% to ~11% — sUSDe yield now comes primarily from institutional lending, stable spreads, and RWAs, with only a small residual basis component.

Reserve Protocol’s USD3 peg depends on its basket of underlying stables, which are Morphosteakhouse USDC, Sky Savings USDS, Aave USDC V3 and Compound USDC V3 positions.

TVL is thin at $135.6k — large positions will have a meaningful price impact on entry and exit. Curve and Convex smart contract risk applies.

frxUSD Lending- 6.02% APR Aave v4 Core Hub (Ethereum)

Aave v4 · Ethereum · Lending · frxUSD

Supply frxUSD into Aave v4’s Core Hub on Ethereum and earn frxUSD rewards via a Merkl incentive campaign. The 6.02% is entirely from the Merkl campaign — 3,598 frxUSD distributed daily, targeting a 6.02% APR against $21.8M TVL. The campaign runs until June 11, so this is a short-window opportunity. After it ends, base lending yield on Aave v4 will be the only return, which will be lower.

Low risk: The campaign ends June 11 — that’s the main thing to flag. Post-campaign APR drops to base Aave lending rates. frxUSD is Frax Finance’s GENIUS Act-compliant stablecoin, 90% of it is backed by tokenized treasury products like Blackrock’s BUIDL fund, Superstate USTB and USCC, WisdomTree WTGXX, plus USDC (Circle), AUSD (Agora), and JTRSY (Centrifuge). Aave v4 is freshly deployed compared to Aave v3, meaning less battle-testing at this scale. Standard Aave smart contract risk applies.

WETH/rETH LP - 6.86% total APR Balancer on Arbitrum

Balancer · Arbitrum · ETH LST LP · $182.4k TVL

Balancer pool on Base pairing rETH (Rocket Pool’s LST) with waArbWETH (Basically WETH that is lent on Aave - Arbitrum). Total APR is 6.86%: 1.7% from protocol trading fees and 5.16% from a Merkl RPL incentive campaign.

Low risk⚠️ RPL campaign ends June 11 — post-campaign APR drops to the 1.7% protocol base. rETH carries Rocket Pool smart contract risk. waArbWETH( Wrapped Aave Arbitrum WETH deposit token) adds a thin Aave contract layer. Impermanent loss is minimal given the ETH correlation between both assets. Base network risk applies. $169.4k TVL is thin — size positions accordingly.

Earn 15% Stablecoin LPs + 20% on ETH

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