Welcome to Yields of the Week.

Every week, I highlight the DeFi opportunities, protocols, and market themes I think are worth paying attention to.

Sometimes that means sustainable yield opportunities. Sometimes it means new protocols, best practices, risk frameworks, or broader trends shaping where capital is moving onchain.

The goal is simple: help you find what’s interesting in DeFi, understand the tradeoffs, and avoid blindly chasing the biggest APY on the screen.

Let’s get into this week’s report.

USDC 30 day benchmark rate on Aave: 3.72% (down from 3.85% last week):

Here’s the top yielding stablecoin vaults (real yields) for the past 30 days:

Checking in on Stablewatch to see the 7-day TVL changes.

This week the top movers were: OpenTrade (XUSDC-LIQ) +33.9%, Midas (mHYPER) +31.0%, Midas (mTBILL) + 11.0%:

ETH 30 day benchmark rate on Aave: 1.47% (down from 1.77% last week):

Here’s the top yielding ETH vaults (real yields) for the past 30 days:

This is tangentially related to yield, but it’s something I think about a lot.

When I’m looking for upside, I have to weigh the risk/reward of chasing yield versus simply buying more tokens at heavy discounts. If you’re only focused on stable yield, you can miss entire moves like the one HYPE has put in recently.

I was looking for more opportunities to add to my long-term HYPE position, but the market never really gave me the entries I was hoping for. HYPE basically just went straight to the moon.

I still managed to add to my airdrop along the way, which I never sold, but definitely not as much as I would have liked.

That said, BTC and ETH are starting to enter interesting value areas again. I’ve personally started buying a bit more ETH at these prices.

As you can see below, we’re getting into deep value territory:

I’m awful at calling market tops and bottoms, but anything under $1,600 ETH feels like a gift to me personally. Same with BTC in the sub-$60k to $55k range. At those levels, I’d rather be thinking about adding spot exposure than over-optimizing for yield.

I also like the simplicity of this chart below from Benjamin Cowen. Could it really be as simple as take profits wen the lines are far apart and add when they meet?

One quick note: if you’re reading this, the official announcement should already be live, so treat that as the ultimate source of truth. I’m writing this the night before based on notes the team shared with me, so there may be small details that changed by the time this goes out.

3Jane’s liquidity mining program is now live.

The big thing here is that rewards are paid in non-transferable $JANE, so users are earning ownership in the protocol from day one. This isn’t pure points speculation.

Each week, 3Jane distributes $JANE across different farms that help grow the protocol, including USD3, sUSD3, Morpho USDC supply, Pendle markets and USD3/frxUSD liquidity.

The interesting part is the early depositor math. Each farm has a weekly emission floor, and while TVL is still below the farm’s target, that fixed emission is split across a smaller base of deposits. In plain English: early TVL earns a bigger share.

Once a farm hits its target TVL, emissions scale with deposits to keep rewards in the target range. So the early premium is real, but later depositors are not necessarily getting rugged by dilution either.

The main catch is that $JANE is non-transferable until sometime within 2026, so your realized return depends on two things: the final token supply at TGE and where $JANE ultimately trades on FDV. The token supply will land somewhere between a minimum of 1.11B $JANE and a maximum of 6.66B $JANE, which is why the final supply matters so much for anyone farming today.

Oh and I did confirm that the team is for sure allowing transferability sometime in 2026.

I think of this less like a normal stablecoin farm and more like underwriting early ownership in 3Jane.

I saw this post earlier this week and it really blew my mind what is possible with this setup:

If you recall, I ended up moving my business to an EtherFi standard in April of this year. You can find my full writeup (including risks) in the post below:

After using it exclusively for my business the last two months, its probably my favorite consumer crypto/defi product I’ve ever used.

The UI/UX could be a bit better in some spots, but overall its amazing. I’ve now moved up to their Luxe tier and next I will see if I can get to Pinnacle for a few more added perks.

Also they just recently launched their RWA product that’s netting a 7.25% APY. I personally have not deployed into it as there’s more DD I will need to do with the underlying products, but glad to see them expanding.

I personally would love if they offered tokenized gold and tokenized stocks (which are coming). Adding gold and certain blue chip tokenized stocks to my current crypto treasury would make the whole portfolio feel a bit more diversified and less correlated to crypto.

Taking a look at the front page of Stablecoin yields and RWA yields this week on Pendle:

Stablecoins

RWA

The total TVL between STRCx (by xStocks) Saturn and APYX this week is $756.45M ($843.12 last week)

Updated. Movement since June 3:

Roughly $382M of STRC lives on Pendle:

STRC closed the day ending June 9th at 96.18 after getting the peg back to 97.25 on June 8th.

The ex-dividend date falls on Monday, June 15th, meaning anyone who wants this month’s yield distribution will need to buy in before then. It will be interesting to see if this even can help strengthen the peg.

Another factor here is that Strategy was just approved to offer a bi-monthly dividends meaning they will have two ex-dividend dates every month now. Details below:

Finally, just as a pure fan of DeFi, I really want to see how this apyUSD Royco market resolves. The design of Royco is pretty clever as there is currently an observation period where the Jr/Sr tranche provide up to 30 days for the market to come back to peg. Read below for details:

That’s all for this week, thanks for reading!

DISCLAIMER: Nothing written in The Edge Newsletter or said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed in our content are solely the opinion of that writer, host, or guest. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this content.