🚜🚜 This is getting around 25% stablecoin APY, with one of the lowest risks in DeFi, and almost fully liquid. Strategy:

Asset: USDC and sUSDC

APY: 25-35%

Chain: unichain

Protocol: Euler + Spark

Bridge: use cctp[.]to USDC from almost any chain to any chain, or bungee

Duration: ~1 week (unless Euler adds new incentives)

Strategy:

• supply USDC on Euler, borrow sUSDC from vault #1.

• supply borrowed sUSDC on Euler, borrow USDC on vault #2

• Rinse and repeat

This is getting around 30% APY, with one of the lowest risks on DeFi, and almost fully liquid incentives. I am sharing the average for the last few days, in spite of what the UIs are showing.

The second box in the screenshot (which shows -24% APY) is incorrect, since the Euler UI is not considering Spark's +4.6% OP incentives on top of the SSR 4.5%. So both loops are profitable.

Alternative Strategy: instead of doing 2 loops at the same time, you can:

• start with USDC on Unichain

• supply USDC on Spark, get sUSDC (fixed rate, no slippage)

• supply sUSDC on Euler

• borrow USDC from Euler

• repeat (mint sUSDC, etc)

This is less profitable since both loops are (+) atm, but simpler to do.

Context and longer explanation of what's going on:

• Spark has $OP incentives for sUSDC, which is a wrapped version of USDC on the superchain. sUSDC is getting 4.5% of SSR (Sky Savings Rate) + 4.6% of OP rewards (this is variable).

• Euler has markets for sUSDC. With this strategy, we are looping and leveraging yield to get more exposure.

Euler is incentivizing USDC borrow with USDC subsidies, so it's cheaper to borrow. It's also adding rEUL on assets supplied. rEUL has a 6-month vest from the time you claim it. Want insta-unlock? Forefeit 80% and 20% is fully transferable. It's a small part of the yield though.

GL farmers!

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