Author: Ignas

Compiled by: Felix, PANews

Although the crypto market seems dull and dominated by macro factors, there is a group of emerging, worth-trying, tokenless protocols. This article will review 9 protocols that allow participation in yield mining.

1. Ostium

The perpetual contract exchange is an exceptionally competitive field, with leaders constantly changing: dydx → GMX → Hyperliquid.

However, Ostium is a unique protocol. It brings leveraged trading of the S&P 500 index, Dow Jones index, Nikkei index, gold, copper, and many other TradFi assets on-chain.

Ostium is built on Arbitrum. These "risk assets" (RWA) actually have no backing, but Ostium provides synthetic on-chain price exposure through oracle price information.

Although Ostium is not the first protocol in this field, it has shown good development momentum (source: Dune):

• The total TVL of Ostium's liquidity pool (OLP) has reached $46 million, functioning similarly to HLP on Hyperliquid, generating trading and liquidation fees.
• Daily active users: 845, weekly active users: 2,225.
• Total trading volume: $2.1 billion.

Since March 31, Ostium has been providing points for traders and OLP depositors.

On-chain RWA trading, even synthetic assets, has huge potential for many crypto-native users. It allows users to avoid withdrawing stablecoins to traditional financial platforms.

This could be a nice airdrop for early users.

2. Axiom

You may have heard of Photon, BullX, GMGN, BonkBot, and other Solana-based trading platforms.

But these are products of 2024.

Supported by Y Combinator, Axiom launched in February and currently dominates the entire category (44% market share, as shown in the dark blue section of the dashboard below).

Source: Dune

Interestingly, Axiom's official X account and co-founders are very low-key on X, rarely posting. It seems that marketing is done through word of mouth.

Moreover, Axiom's ultimate goal is to trade any asset on any chain, including perpetual contracts (real-time trading via Hyperliquid), yield protocols, wallet tracking, etc.

As speculative trading on the Solana network rebounds, Axiom stands to benefit.

Currently, the points program is open, allowing participation through trading, tasks, and referrals.

3. Fragmetric

If you missed Solayer, Fragmetric might be your second chance (as LAYER is actually rising after the airdrop).

There are two pieces of news about Fragmetric:

• Bad news: The launch timing isn't too early, as deposit services opened in October 2024.
• Good news: It's not too late, as the token has not yet launched, and points are still being counted. This is a simple "deposit to mine" model.

In summary, Fragmetric is a liquidity re-staking protocol built on Solana.

When you deposit SOL or LST into Fragmetric, you receive LRT, such as fragSOL or fragJTO.

Re-stakers will become SANG (SolanA Network Guard), a community of guardians protecting the Solana ecosystem. Additionally, you can earn extra rewards by guarding NCN/AVS (new decentralized services).

If you have idle SOL and want to diversify the risks of Kamino, Marginfi, and Solayer, this is a very simple strategy.

The TVL has reached $125 million, so it's not too early.

F points are Fragmetric's loyalty system, which users can earn simply by holding LRT. You can also earn more points by wrapping LRT (e.g., wfragSOL for DeFi).

Fragmetric has raised $12 million, with the latest round of $5 million funded by RockawayX, Robot Ventures, Amber group, and BitGo.

In short: Fragmetric is a very simple SOL farm.

4. Loopscale

Now, Loopscale allows you to earn more yield with newly acquired fragSOL. More details will follow.

Loopscale brings modular, order-based lending innovation to Solana DeFi.

This differs from the liquidity pool model used by Kamino, Marginfi, and even Aave:

Loopscale states in its official documentation: "By replacing liquidity pools and algorithmic interest rates with direct order book matching, Loopscale enhances capital efficiency, achieves more precise risk management, and supports new types of markets that traditional DeFi architectures struggle to realize."

Users can lend/borrow, Loop (one-click leverage like Kamino), or join a vault.

Since Loopscale ended its internal testing 5 days ago, it has launched Genesis Vaults, offering over 6 times the points before reaching the cap.

A simple strategy is JUPSOL looping, with an annual yield of over 22% (similar to Kamino multiply). You can earn double points.

Additionally, the official statement indicates that short-term LST/LRT decoupling will not liquidate users' loops, "but staking yields below borrowing costs or poor validator performance may lead to liquidation."

If users are more degen and want SOL to earn 32% annual yield, there is another Vault to store fragSOL:

• Deposit SOL into Fragmetric
• Obtain PT-fragSOL on Exponent (Solana's Pendle)
• Loop PT-fragSOL on Loopscale, with an annual yield of 32%

Currently, the TVL is about $40 million, so it is still in the early stages.

Loopscale's supporters include: CoinFund, Solana Ventures, Coinbase Ventures, Jump, and Room40.

5. Upshift

Do you feel that DeFi is becoming increasingly complex, and finding high-risk yield opportunities is becoming more time-consuming?

At Upshift, you can deposit cryptocurrencies into vaults managed by "seasoned hedge funds" and investment managers.

Yield strategies cover everything from looping to more complex products, including delta-neutral hedging, OTC options, or systematic stablecoin DEX market making.

Upshift has four core products:

• Lending: Providing on-chain over-collateralized loans to verified institutions.
• DeFi Yield: Vaults carefully selected by top DeFi funds.
• Vault-as-a-Service: Plug-and-play protocol vaults.
• Synergies: Borrowing against vaults to enhance yield and capital efficiency.

At the time of writing, the total TVL has reached $236 million, showing decent performance. Additionally, 5 times the points will be offered until deposits reach $750 million.

Personally, I prefer the Hyperbeat Ultra HYPE strategy, which can manage HYPE token yield farming on the HyperEVM ecosystem.

The project is backed by Dragonfly VC, Hack VC, 6MV, and Robot Ventures.

6. Level

If you hold any stablecoins, take note:

Level is a stablecoin protocol that issues lvlUSD. lvlUSD itself is also a stablecoin, backed by USDC and USDT, and generates yield through high-quality lending protocols.

You deposit USDC → Deposit USDC into platforms like Aave/Morpho → You will receive lvlUSD and use it elsewhere in DeFi.

You can simply stake lvlUSD as appreciation-type slvlUSD to earn an annual yield of 8.48%.

However, to earn XP points, you need to use lvlUSD for mining in DeFi protocols: deposit lvlUSD into Curve, Spectra, or Pendle (currently PT yield is 13%), etc.

At the time of writing, the TVL is $138.26 million, showing decent performance. Level's social account on X is also growing, which is a good sign for token appreciation.

The project is supported by Dragonfly VC and Polychain.

Level is not the first protocol to attempt this strategy; many protocols have failed to achieve PMF. However, given the good yield and the upcoming airdrop, this could be a promising opportunity.

7. Huma

Stablecoins and RWA are the hottest topics, but users find it hard to access them. Perhaps we can wait for Circle's IPO, but don't expect to make 10 times your investment in a day.

The PayFi network Huma recently raised $38 million from Hashkey Capital, Folius Ventures, Stellar, and others.

Previously, Huma merged with Arf, a Circle-backed protocol that provides liquidity and settlement services for cross-border payments.

What makes Huma unique is:

Traditional cross-border payments take days, have high fees, and banks take most of the profit. Huma solves this problem by using blockchain and stablecoins (USDC), allowing funds to be transferred instantly, globally, and at low cost.

Huma accelerates real-world payments using stablecoins and on-chain liquidity. Financial institutions can settle large amounts of money globally, replacing the need for outdated systems like SWIFT or pre-financing mechanisms.

Two profit models:

• Classic model: stable monthly yield + Feathers (points). Current yield exceeds 10%.
• Maxi model: 0% annual interest rate, but if you are optimistic about Huma's future governance token $HUMA, you can earn 5 times the Feathers.

Users can now deposit USDC → receive $PST (PayFi strategy token), which is a yield-bearing token usable in Solana DeFi (can be exchanged on Jupiter and collateralized for loans on Kamino).

Even locked positions can exit early through the PST liquidity pool.

Data source: Dune

As of now, Huma:

• USDC annual interest rate is 10.5%.
• PayFi transaction volume reached $74.7 million, and it can earn yield.
• Holds $7.2 million in liquid assets (stablecoins) for emergencies, not earning yield.
• TVL reached $81 million.

8. DeFi App

You may often see promotions for DeFi App on X, but the quantity and manner of its advertisements might be somewhat off-putting. It always makes people more cautious and gives a strange intuition.

However, there are reasons to be optimistic:

• The third-ranked DEX aggregator, with a daily trading volume of $229 million and a weekly trading volume of $991 million.
• Raised $6 million from venture capital firms at a valuation of $100 million, including Mechanism Capital, Selini Capital, North Rock Digital, and about 50 angel investors.

DeFi App is a super application that integrates all functions, making DeFi simple.

From the beta version of the app, the cross-chain exchange function is excellent. No annoying gas fees, supporting Solana and EVM chains. Future features will include yield mining, perpetual contract trading, and more.

The token HOME has not yet launched, and users can earn yield through simple token exchanges.

Additionally, users can earn points by exchanging tokens and joining the Degen Arena.

The top 50 camps can receive additional rewards and experience new features of DeFi App in advance. Why join a camp? In the first season of the Degen Arena, the allocation ratio of $HOME is higher:

60% of the experience points from the first season will enter the camp experience pool.

40% of the season rewards will enter the camp reward pool.

9. Slingshot

If there is a mobile application that can cross-chain exchange all tokens, it might be Slingshot.

Before trying, you need to know the following points:

• Creating an account is very simple, just like a Web2 application.
• Magic Eden recently acquired Slingshot, reducing the likelihood of a Slingshot token airdrop.
• Users will soon be able to exchange Bitcoin Rune tokens.

So, if you primarily trade cryptocurrencies on mobile devices, Slingshot is an app you shouldn't miss.

Related reading: Market is Cold, Reviewing 7 Recent Potential Airdrop Projects Worth Attention

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