Original | Odaily Planet Daily (@OdailyChina)

Author | Azuma (@azuma_eth)

At the beginning of last year, considering the increasing demand from readers for stablecoin investment opportunities, Odaily Planet Daily launched the column titled “Investment Strategies for Lazy People Using U-Based Assets”, aimed at covering relatively low-risk yield strategies centered around stablecoins (and their derivative tokens) in the market, helping users who wish to gradually increase their capital through U-based investments find more ideal earning opportunities.

This series has been updated a total of 29 times, introducing nearly a hundred investment windows with relatively impressive yield performances during the same period. In addition to pure U-based yields, the accompanying points and additional rewards also captured "big players" like Plasma, Ethena, Huma, Avantis, and Falcon.

However, the sudden occurrence of the 1011 black swan event led to a sharp contraction in market liquidity, and with a series of security incidents occurring, we judged that the risk transmission of on-chain DeFi had not yet ended, so we paused the updates of this column. Until recently, market sentiment and liquidity have shown significant signs of recovery, so we decided to restart this column.

Simplest Strategy: Deposit Activities from Major CEXs

Currently, the simplest investment opportunities are clearly the deposit activities launched by major CEXs.

First is the hottest USD1 deposit activity from Binance, with an APR of 20.06%, a limit of 50,000 USD1, and the activity will last until January 24 at 7:59. There is still a half-month earning window, and although USD1 currently has a slight premium over USDT (it is expected to have a certain discount when exiting after the activity ends), the yield is sufficient to cover the wear and tear.

Additionally, the USDG holding interest activity in OKX Pay accounts offers a maximum annualized yield of 10%, but the limit is relatively small, only 10,000 USDG; any amount exceeding this will have an annualized yield reduced to 5%.

I recall that other exchanges also have similar deposit activities (such as Huobi's 20% annualized U savings), but I have not personally participated, so everyone can consider based on their own usage.

On-Chain Strategy 1: Hedging Orders on Ethereal, APR Up to 27%

With still some room for limits on the CEX side, I personally recommend prioritizing CEX activities, firstly because the current incentives from CEX activities are attractive enough, and secondly, it can reduce unnecessary protocol risks and path wear.

If you are seriously considering on-chain opportunities, I recommend using the strategy of hedging orders on the decentralized contract exchange Ethereal (https://app.ethereal.trade/trade/BTCUSD) to amplify margin yields.

Lighter's TGE has reignited everyone's enthusiasm for the Perp DEX track. My current operation method is to open orders on popular Perp DEXs like Variational to earn points while simultaneously opening reverse orders on Ethereal in a fully mirrored manner for hedging. The reason for this is that Ethereal provides a basic APR of 5.13% on the collateral asset USDe, and also amplifies the yield based on the user's order situation (APR can reach up to 27.2%, with earnings coming from transaction fee sharing), and it also offers corresponding points rewards for future airdrops.

Everyone's judgment on the future competitive landscape of Perp DEXs will differ, but whether you are primarily using Variational, Backpack, Nado, or StandX, I currently recommend using Ethereal as the top hedging choice, utilizing real collateral asset yields to mitigate or even cover wear.

It is important to note that using Ethereal temporarily requires an invitation code to unlock all features (it's good to hang out in DC), and then you need to bridge USDe from Ethereum to the Ethereal chain (can use StarGate) for recharge and as gas tokens. There will be some wear on the path, so it is not recommended to operate with too small an amount.

On-Chain Strategy 2: Huma Prime Waiting for Increased Limits, Maximum Annualized 28%

This is a pool that requires setting a small alarm.

PayFi leader Huma launched a new pool called Huma Prime yesterday, which is essentially a circular loan pool for PST. If locked for 6 months, it can achieve a maximum annualized yield of 28% (without badge bonuses, it is 22.6%), with earnings composed of base yield, circular loan yield, and HUMA incentives.

The first 12 hours after the pool's launch were not open to the public, only allowing deposits from OG and Vanguard badge holders, but it was filled within just 3 hours after opening, so new users currently have no chance to deposit and can only wait for the official increase in limits to participate.

It should be emphasized that Huma Prime is different from the previous Classic and Maxi pools; LP positions do not have a secondary market, so there is no way to exit early. Users can only redeem at the Huma official window after the lock-up period ends.

On-Chain Strategy 3: Kamino PRIME/CASH Circular Loan, Maximum Annualized 23.45%

Users who can accept Huma Prime generally are not averse to circular loans. If you do not want to continue waiting for limits, you can consider the PRIME/CASH circular loan on Kamino, where the Multiply feature allows you to select leverage ratios for building positions with a maximum of 8 times, corresponding to an APY of about 23.45%.

In terms of asset risk, PRIME is a yield stablecoin issued in collaboration with Hastra, Figure, and Provenance, with collateral assets being home equity lines of credit (HELOC) in the real world, while CASH is a stablecoin issued by Phantom.

This pool has been open for over a month now, and historical yield backtesting has been relatively stable, so it is recommended to assess the risk-reward situation before participating.

On-Chain Strategy 4: PendleNeutrl (sNUSD) LP, Maximum Annualized 18.41%

Neutrl is a project I personally like very much and have introduced several times before. Simply put, it is a more aggressive version of Ethena, but the hedging assets have shifted from mainstream tokens to off-market discounted altcoins — the main investor is the largest OTC trading platform STIX, which gives it a certain uniqueness in its model.

Compared to static deposits (holding NUSD) or staking (holding sNUSD), the most efficient way to participate now is to form an sNUSD LP on Pendle. With sufficient PENDLE staked, the maximum annualized yield can reach 18.41%, with a base annualized yield of 13.97%, plus 25 times Neutrl points to capture airdrop opportunities.

Since the pool is on the Ethereum mainnet, there will be some wear when entering and exiting, so small amounts are also not recommended for participation.

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