I researched the Unitas project, which can be considered as the BNB Chain version of Ethena. Last year it was launched, and now TVL is about 60M, ranking in the top 20 of BNB Chain DeFi. Firstly, everyone is familiar with the Ethena model and there is no need to elaborate further. Essentially, they are all wealth management funds, with fund shares existing in the form of stablecoins. @The stablecoin of UnitasLabs is USDU, currently with an APR of around 10%. Mainly looking at the underlying strategy, in fact, Unitas can be considered a hybrid of BSC and Solana, with more stablecoins in BSC, while half of the underlying strategy is in Solana's JLP and the other half is in CEX. It can also be considered as bringing multi chain profitability to BSC. JLP is a rival LP of Jupiter's perpetual contract, mainly suffering from transaction fees and contract losers, with an APR of approximately 12% at present. In fact, JLP theoretically cannot achieve perfect hedging, but it can achieve rough engineering hedging to cope with extreme market shocks. And the CEX part is still hosted in Ceffu. According to the transparency panel of Unitas, there are approximately half BTC and half U positions in CEX. In terms of BTC, it appears to be a familiar BTC spot used as margin+equal short order rate. Referring to the data on Binance, the rate has been around 4% in the past 30 days. The part of U is currently unclear and may be involved in a U-based internal arbitrage strategy. Last time it was disclosed that since Binance was listed on the US stock market, it can still engage in arbitrage strategies targeting the US stock market, still following the strategy of long positions and equal short positions, earning short order rates, and maintaining Delta neutrality. The asset portfolio is relatively clear and clean. Additionally, regarding the USDU itself, it is currently only available for whitelist minting redemption. If users participate, it is mainly through direct swaps of USDT/USDC in the secondary market. Additionally, it appears that they are also exploring new directions, in addition to the U-based USDU, there is also the gold based XGLD. I also casually dug up the mechanism of XGLD. Its underlying asset is Tether's XAUT, which is anchored 1:1 to the gold price. It has recently been launched and does not have much APR data yet. According to @ 0xLoki_Zeng, the strategy behind this should roughly be to use XAUT as collateral, lend out U, and then use U to run the U-standard strategy. In fact, switching XAUT to BTC or ETH can run similar strategies, and the principles are the same. However, this product provides some additional interest for long-term gold holders, which is also good. Finally, it should be noted that holding USDUs alone does not earn interest and still requires pledging to become USDUs. XGLD does not require it and comes with its own interest.