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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.
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