New Opportunities in Stablecoin Mining: Various Programs Offer Up to 70% Annual Yield

As the cryptocurrency market warms up and volatility increases, the demand for stablecoins continues to rise. In the DeFi space, opportunities to earn returns through liquidity Mining have also increased. This article will introduce several schemes to obtain high returns through stablecoin Mining, with annualized returns of up to 70%. The following data is as of November 23.

Maverick: GHO-USDC up to 70.4% APR

Maverick is a decentralized exchange supported by top institutions. On its platform, the GHO-USDC trading pair offers an annual yield of up to 70.4%. GHO is a stablecoin issued by Aave, which maintains price stability through an over-collateralization mechanism.

In order to enhance the application scenarios and price stability of GHO, Aave has launched a series of incentive measures. Currently, the GHO-USDC pool on Maverick adopts a static model, with a liquidity of 2.6 million dollars. Daily issuance of 5000 GHO as mining rewards, with a mining APR of 67.11%, plus a trading fee revenue of 3.29%, resulting in a total APR of 70.4%.

In addition, Maverick also offers a GHO-USDC pool with a two-way model, with a liquidity of $1.04 million and a total APR of 66.54%, of which the Mining APR is 47.89% and the trading fee APR is 18.65%.

Velodrome: USDV/USDC offers 32.35% APR

Velodrome is one of the main DEXs in the Optimism ecosystem. USDV is an innovative stablecoin, with its underlying asset being STBT, which is issued by Matrixdock through a special purpose vehicle structure, backed by U.S. Treasury bonds.

USDV utilizes a unique color tracking algorithm to reward "verifying minters" based on the contribution of the tokens in circulation. Although ordinary holders cannot directly obtain the underlying asset's benefits, USDV has partnered with multiple DeFi protocols to offer users a variety of earning opportunities.

On the Velodrome platform, the USDV/USDC trading pair has a liquidity of 1.66 million USD, offering an APR of 32.35%.

Canto: cNOTE / USDC brings 22.43% APR

Canto is transitioning from a general blockchain platform to a blockchain solution focused on physical assets. cNOTE is a new type of asset launched in this context.

NOTE is the accounting unit in the Canto ecosystem, minted through over-collateralization with USDC and USDT. Users can deposit NOTE into the Canto lending market to receive cNOTE as a deposit certificate. Due to the presence of deposit interest, the exchange rate of cNOTE relative to NOTE will gradually increase.

Currently, the liquidity of the cNOTE/USDC trading pair on Canto has reached $4.41 million, with an APR of 22.42%. Investors can directly purchase NOTE and deposit it to obtain cNOTE, or they can collateralize USDC/USDT to mint NOTE before proceeding with the operation.

Cetus: USDT/USDC offers 20.49% APR

Cetus is the main DEX on the Sui public chain. The USDT and USDC on this platform are cross-chain from Ethereum via Wormhole. The USDT/USDC trading pair on Cetus has a liquidity of $39.23 million, with an APR of 20.49%.

It is worth noting that Cetus supports concentrated liquidity, with most liquidity providers pooling funds within a narrower price range to achieve higher yields. Therefore, strategies may need to be adjusted during price fluctuations of USDC/USDT.

Thala: MOD/USDC offers 20.53% APR

Thala is an important DEX in the Aptos ecosystem, offering a diverse range of DeFi products. MOD is the over-collateralized stablecoin on the Thala platform, which can be directly exchanged and redeemed for USDC, with a fee of 0.25%.

The Thala MOD/USDC pool has a liquidity of 2.97 million dollars and an APR of 20.5%. However, it is important to note that the MOD rewards earned require a one-month lock-up period.

Elixir: USDT/USDC brings 27.72% APR

Elixir Finance is an innovative decentralized market-making protocol, whose trustless algorithmic model allows a wide range of participants to provide liquidity for various platforms. Currently, the liquidity on Elixir is mainly used for the Vertex platform.

The current APR for the USDT/USDC spot trading pair on Elixir is 27.72%, with 15% coming from ARB rewards and the remaining portion from locked VRTX rewards. Although liquidity is currently low, participation may provide an opportunity to receive future airdrops.

Convex: BUSD/3Crv offers 45.31% APR

Convex and Curve are well-known projects in the DeFi space. On the Convex platform, the BUSD/3Crv trading pair offers an APR of 45.31%, with a liquidity of $236,000.

Investors can provide liquidity in Curve with BUSD, DAI, USDT, or USDC, and then stake the liquidity tokens in Convex to earn rewards. The rewards are mainly distributed in the form of CRV tokens, along with a small amount of CVX and trading fee earnings.

It is important to note that Binance and Paxos will end their support for BUSD in February 2024, and investors should pay attention to relevant developments and adjust their strategies accordingly.