Stephen | DeFi Dojo
@phtevenstrong
"The Calculator Guy"
Founder of DeFi Dojo
Co-Founder of @mezzanine_fi
Wildly Christian | Father of Four
1.7K Following 117.3K Followers
If you're worried about the reinsurance risks, you can always lock in 10% on the senior tranche PT for ONyc.
I wonder when that will be loopable.
Travis is my new favorite Solana yield farming account.
15.49% IY is great for @onrefinance's ONyc, but there are only 29 days left.
That said, if you're interested, here's the rough math:
on @kamino:
15.49% Collateral Yield
2.5x Max Leverage
7.41% Borrow Cost
2.5*15.49%-1.5*7.41%
= 27.61% Net APY for the next 29 days
Closing costs aside, that's about a 2% ROI.
What's also fairly interesting is there seems to be a fixed rate borrowing market for PT-ONyc on @Loopscale.
Looks like ~110K USDC to borrow for 1-week fixed term at about 9.5%.
While I'm not entirely sure how easy it is to roll these fixed rate loans, that would currently net 29% fixed on the strategy.
Remember: both the collateral and debt rates are fixed, so the only real variable costs are entry, exit, and fees.
FINAL NOTE, as I've said many times before, solana:5Y8NV33Vv7WbnLfq3zBcKSdYPrk7g2KoiQoe7M2tcxp5 IS NOT a stablecoin. It's an RWA that's backed by reinsurance directly. I.E., both reinsurance yield and losses are wrapped into this asset.
Please do not think about it like a stablecoin. Research and understand typical reinsurance drawdowns BEFORE depositing.
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I only have one week left of S1 to shill my ref link:
If you found APYX through my content, consider helping a bald man get some more pips!
1/ ONLY 1 WEEK LEFT. ⏳
Season 1 of our Pips program ends in 7 days.
This is your final chance to earn your share of the 5% of APYX being distributed to early users.
Season 2 is around the corner.🧵
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People don't understand how big this will be.
Let me give a real example to illustrate:
@ethena on @kamino
► Up over $420M in an isolated market in a day.
► Ethena has $700M USDG that they get ~4.2% on because of Paxos kickbacks from the yield on the paper that underlies USDG
► They then lend on Kamino and Jupiter
► This makes +1.78% on lending.
So about 6% net on their USDG
BUT WAIT, THERE'S MORE:
Ethena is happy to do this because it means easy TVL growth because borrowers only pay 2%.
I.E., Institutional lender receives 6% to lend. Borrowers pay 2% to borrow.
This has never, AFAIK, been a workable / sustainable model. It's only really possible with this unique set up.
To recap:
► Ethena gets massive TVL growth and decent 6% yield on 700M
► USDG gets more retail adoption and solidifies its place as a dominant defi stablecoin
► Retail loopers get a 20% yield with deep liquidity and predictable lending rate
Win / Win / Win
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TL;DR (and this is HUGE): looping makes sense for a select few niche markets again because of a NEW MECHANISM that sustainably compresses borrow rates relative to demand.
Despite arguing that Junior tranches are often superior to leveraged loops, there's ONE META that actually makes looping interesting for me again.
And if you're not obsessed with DeFi, you probably haven't heard about this.
IN SHORT, teams like @fraxfinance and @Paxos give kickbacks equivalent to the TBILL yield for institutional LPs holding or lending frxUSD or USDG.
THAT MEANS, big'ol LPs can hold NON-YIELD BEARING assets like PYUSD, USDG, and frxUSD and get 3-4% yield paid to them on a semi-regular basis.
On top of that, they can then lend those assets on money markets for the 3-4% base yield PLUS whatever the interest rate pays.
But here's the kicker. Because those rates are paid OTC to these lenders, the borrow DOES NOT PAY the additional TBILL yield like you would if you were borrowing a yield-bearing stablecoin.
So the borrower might only be paying 4% in interest, despite the collateral depositor making 5-7%, which is very juicy for an institution who wants to be holding USDG or PYUSD or frxUSD, e.g.
This means lower interest rates for borrowers, because lenders are no longer depending wholly on interest rates for compensation.
Of course, this is unique to specific markets, but I feel fairly confident this meta will drive some insane TVL growth in the near future.
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Particularly relevant with some of these attractive loops out there.
Dont let your strategy get ruined by swap fees and slippage.
Consider the cheat loop.
Every single DeFi strategist NEEDS to know how to "cheat loop."
If you don't know about cheat looping, today's your lucky day.
This is how you enter a fully leveraged position with just one deposit, one borrow, and NO SWAPPING, NO SLIPPAGE, NO PRICE IMPACT.
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TL;DR (and this is HUGE): looping makes sense for a select few niche markets again because of a NEW MECHANISM that sustainably compresses borrow rates relative to demand.
Despite arguing that Junior tranches are often superior to leveraged loops, there's ONE META that actually makes looping interesting for me again.
And if you're not obsessed with DeFi, you probably haven't heard about this.
IN SHORT, teams like @fraxfinance and @Paxos give kickbacks equivalent to the TBILL yield for institutional LPs holding or lending frxUSD or USDG.
THAT MEANS, big'ol LPs can hold NON-YIELD BEARING assets like PYUSD, USDG, and frxUSD and get 3-4% yield paid to them on a semi-regular basis.
On top of that, they can then lend those assets on money markets for the 3-4% base yield PLUS whatever the interest rate pays.
But here's the kicker. Because those rates are paid OTC to these lenders, the borrow DOES NOT PAY the additional TBILL yield like you would if you were borrowing a yield-bearing stablecoin.
So the borrower might only be paying 4% in interest, despite the collateral depositor making 5-7%, which is very juicy for an institution who wants to be holding USDG or PYUSD or frxUSD, e.g.
This means lower interest rates for borrowers, because lenders are no longer depending wholly on interest rates for compensation.
Of course, this is unique to specific markets, but I feel fairly confident this meta will drive some insane TVL growth in the near future.
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PRIME is finally on EVM! I've been waiting for this for a while.
TL;DR: solana:3b8X44fLF9ooXaUm3hhSgjpmVs6rZZ3pPoGnGahc3Uu7 is a HELOC-backed stable getting ~7.5% yield, mint/redeemable on ETH & leveragable on @Morpho for up to 40% APY.
Also, I've heard rumors that @ipor_io might have a vault for the leveraged loop soon.
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PRIME is now live on Ethereum🔷
Stake wYLDS → mint PRIME → earn durable, uncorrelated yield backed by @Figure originated HELOCs.
Here’s how to get started 👇
When late-night boredom strikes, do a @solana stablecoin post.
The 7 best stablecoin plays on Solana (AFAIK)
If I missed any, please shill them in the comments
(I take no responsibility for dilution)
► @kamino is a hotbed for yields at the moment, and there are a few campaigns going on that make them even better.
1) sUSDe/USDG Loop ($13M to borrow)
• 10x Leverage: 29%
Learn more:
2) For some reason, lending on the main market is very high right now.
• USDC: 16% APY
• CASH: 11% APY
3) PT-eUSX/USX (@solsticefi)
• 5x Leverage: 28.5% APY
4) PRIME/PYUSD (@HastraFi)
• 8.3x Leverage: 18.61% APY
► @ExponentFinance also has a couple yields worth noting
5) @onrefinance ONyc PT: 13% Fixed
6) @reflectmoney USDC+ PT: 13.7% Fixed
7) @onrefinance ONyc LP: 13.4% APY + 8x Points
So, solana lads, what am I missing?
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We've got a date!
► Solstice S2 is ongoing
► Solstice is also launching an STRC product
► STRC product will have tranching
► Might be the first tranching product on Solana?
I know I'll have tons of vesting; still, I'm excited to see what happens here.
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$400,000,000 TVL hit for @apyx_fi.
I can't remember the last time a stablecoin/RWA protocol climbed in TVL this quickly.
As a reminder, S1 ends in NINE DAYS.
1m Pip value at different FDVs:
$100M: $23
$250M: $57
$500M: $115
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I've heard rumblings that @base is making a TVL push right now for reasons™
TL;DR: 40% APR on cbETH
At the moment, @ipor_io is one of the prime beneficiaries, receiving incentives on some of their vaults on that chain.
Here's a break down of the top vaults live there now:
1) @628Labs cbETH Dynamic Looping
⇒ Spot APR: 40%
⇒ Has Incentives? ✓ Yes (34% Incentives APR)
⇒ Exposure: Aave >99%, Morpho <1%, Euler <1%
Description: cbETH/WETH looping optimizer
2) @ClearstarLabs Base cbETH Looper
⇒ Spot APR: 11.35%
⇒ Has Incentives? ✗No
⇒ Exposure: >99%, Morpho <1%, Euler <1%
Description: cbETH/WETH looping optimizer
3) @ipor_io Dao wstETH Base
⇒ Spot APR: 9.97%
⇒ Has Incentives? ✗No
⇒ Exposure: >99%, Morpho <1%, Euler <1%
Description: wstETH/WETH looping optimizer
4) @ClearstarLabs Base ETH Lending Optimizer
⇒ Spot APR: 5.02
⇒ Has Incentives? ✗No
⇒ Exposure: Euler and Morpho Markets
Description: ETH Lending Optimizer on Base
Please note: I love when chains do incentive programs, and I'm an Ipor ambassador
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Well now
Tomorrow.
- Everyone needs to TGE Soon
- Airdrop season or forever delays?
- APYX nearing 20% IY
- Tranches rapidly launching
- I made some tools
Join us now!
► 9.72% Junior @Neutrl sNUSD
► 4.66% Senior sNUSD
► 8.65% Coverage (11.6x Exposure)
Pretty cool.
Compare this with the @Morpho loop:
10x Leverage, Net: 12.5% APY
Tranche Benefit: no slippage or liquidation risks.
Loop Benefit: higher APY and different SC risk profile.
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sNUSD is live on Royco Dawn.
New week, more markets opening up.
You can now deposit into Senior and Junior tranches of @Neutrl 's market-neutral synthetic dollar.
IFF you're a $BTC maximalist and @Strategy fan, this is interesting.
► Collateralize BTC
► Borrow USDC at 50% LTV (4% Borrow Cost)
► Long PT apyUSD at 19% Fixed
Net APY = 0.5*(19%-4%)
= 7.5% APY on your BTC
Please note: STRC is inherently long BTC because if BTC falls catastrophically, STRC likely suffers, so in a sense you have a leveraged exposure to sever BTC downswings.
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Apyx Power User of the Day
🔴 0x36…d195 🔴
Over the past 24 hours, wallet 0x36…d195 deployed ~$11M into Apyx by using ~$17M worth of $BTC as collateral to participate in a sophisticated onchain strategy. 🤯
Rather than minting $apxUSD with $USDC, this user:
• Deposited $WBTC on Ethereum
• Borrowed against their bitcoin position
• Minted ~$11M of apxUSD
• Swapped it for apyUSD
• Deployed into @pendle_fi PT + YT markets
For the first time ever, we’re witnessing bitcoin holders do something that was never before possible:
Maintain ownership of their digital capital, borrow against it onchain, and redeploy that liquidity into onchain digital credit yield backed by dividend-paying assets like $STRC and $SATA.
No selling. No giving up $BTC exposure.
Just bitcoin as collateral and onchain digital credit yield as cash flow.
This is what the next era of DeFi looks like, and it’s only getting started. 🚀
The user 👇
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I almost always agree with CC, but let me give the contrarian take.
Securitize (gold standard, imo), is an SEC-registered transfer agent and you're the legal owner of the stocks you hold with them. I.E., the official shareholder ledger is updated with each transfer.
You get voting rights, dividends, and real ownership. NYSE also named them its first official digital transfer agent, FWIW.
Ondo is definitely different.
With Ondo you hold a senior secured note with a 1:1 legal claim on assets custodied by Alpaca. Since their Feb '26 SEC filing, they've moved to a reporting issuer model, which means they have to prove on a regular basis to the SEC where the underlying stocks are held and how much of them are held.
xStocks (which I like, personally) uses Liechtenstein's Token Container model to issue "bearer certificates." This means you hold a legal claim to the asset against the issuer (Backed Assets JE) for the fair market value of that share according to the Liechtenstein Blockchain Act.
With both Ondo and xStocks, you still retain a bankruptcy remote claim to the value of the stock (meaning that even if the issuers are bankrupt, the SPVs holding the underlying are not affected and derivative holders are the direct claimants).
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I wouldnt touch this shit. You should treat it like herpes.
These are not real registered securities and the degree of tail risk inherent to these "tokenized stocks" is real and extreme. Caveat Emptor
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APYX crossed $350M TVL, up 30% from last week.
There's only 11 days left of @apyx_fi S1 (which I'm heavily participating in via YTs).
That said, S2 is nearly as large as S1 at 4% FDV.
Quick look at the top five APYX yields this week:
@pendle_fi
1) apyUSD PT: 17.8% APY Fixed
Looped apyUSD PT: 72% APY
2) apxUSD PT: 15.5% APY Fixed
Looped apyUSD PT: 47% APY
3) apyUSD LP: 16.45% + 13x Pips
@roycoprotocol
4) Junior apyUSD: 20% APY (5.6x Exposure)
5) Senior apyUSD: 8.55% APY (18% Coverage)
Honorable Mention (Rocyo/Pendle Combo):
➢ jrRoyAPYUSD: 21% APY Fixed
Please use my ref link for all your apyUSD needs:
(I'm also an ambassador)
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Let's check in on @monad Stablecoin Yields
Lending (@Morpho)
► 7% @hyperithm USDC
► 8% @august_digital USDC V2
► 7.3% @SteakhouseFi USD1
@Curvance Lending
► AUSD (earnAUSD Collateral): 8.3%
► AUSD (vUSD Collateral): 8%
► USDC (savUSD Collateral): 7.75%
@Curvance Collateral
► earnAUSD: 9%
► vUSD: 8%
► savUSD: 7.3%
► syzUSD: 7.2%
Misc Loops:
► @reservoir_xyz wsrUSD/USD1: 15%
► @upshift_fi earnAUSD/USDC: 32%
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I remember asking @RobAnon why they didn't participate in the Aavethena loop a few months back.
He told me they didn't take on leverage as a rule, and I was surprised how adamant he was about that.
@infiniFi took zero losses during the rsETH exploit.
Lessons in there.
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I just learned about @StreamDefi.
12% real yield +6% in projected airdrop yield, either way net positive to loop on @SonicLabs on @eulerfinance.
Best part, xUSD is USDC in / USDC out without any slippage / fees.
Would love to see looping for this on mainnet as well.
🧵👇
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