Welcome to Yields of the Week! Every week, we spotlight the top DeFi yields across the crypto landscape, focusing on opportunities that are not just the highest APYs but also sustainable risk-adjusted opportunities. Whether you're new to DeFi or a seasoned degen, our goal is to help you navigate the yield farming space with confidence. Let’s dive into this week’s picks!

USDC 30 day benchmark rate on Aave: 3.85% (down from 3.99% 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: Noon Capital (sUSN) +39.9%, Resolv (RLP) +39.1%, Origin (OUSD) + 15.0%:

Btw, just as I was writing this, I noticed Noon is the yield engine powering Symphony’s new savings app. I know both teams very well and happy to see them working together:

ETH 30 day benchmark rate on Aave: 1.77% (down from 2.36% last week):

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

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

The total TVL between STRCx (by xStocks) Saturn and APYX this week is $893.46M ($861.72 last week):

Roughly $509M of STRC ($497M last week) lives on Pendle:

Saylor sold 32 BTC recently which was roughly $2.5M. IMO BTC already looked heavy, so the timing of this was not great.

I don’t know how much of the BTC slide you can attribute to Saylor, but either way, I don’t think he achieved what he was trying to accomplish here.

This was a bit of a funny breakdown that I saw on X:

I think one critique I agree with is: if you were going to sell, why not sell a larger amount, like closer to the $1.7B, and cover your STRC obligations for a full year?

Obviously easy for me to play Monday morning quarterback here in hindsight, but that part does feel fair.

I also saw this thread and thought it was pretty on point. Viktor has been following STRC very closely.

One thing I will say is Saylor was not a forced seller IMO. Credit agencies were starting to question whether his collateral was indeed collateral if he wasn’t willing to sell any of it. One of the reasons he wants a higher credit rating is to get into the S&P 500 which has continued to elude him.

As for the impacts on DeFi, I’m really keen to see how the different models of Apyx and Saturn playout.

Saturn: Saturn’s base stablecoin, USDat, should be relatively insulated from a short term STRC dip because the stablecoin layer is designed around Treasury style backing, while the STRC exposure mainly sits in sUSDat. The main thing to watch is the staked side: if STRC trades below par for prolonged periods, sUSDat may be more sensitive to market liquidity, withdrawal queue dynamics, and any discount that forms in secondary markets. That said, Saturn pretty cleanly separates the stablecoin from the staked asset that tracks STRC.

Apyx: With Apyx you have to look at its collateral basket, reserve transparency, and redemption design. The current dashboard shows roughly $509M in reserves, with about 59% STRC and 41% cash & equivalents, so STRC weakness matters, but there is also a meaningful liquidity buffer in the mix. A short term STRC discount doesn’t impair apxUSD, but the key things to monitor are the collateral ratio, reserve composition and STRC liquidity. Also, they have a 20 day cooldown on the staked side so another interesting thing to watch would be the unstaking queue to track if TVL is getting spooked during this move off par in STRC. I asked Defillama’s LlamaAi to look into this and it looks like there’s a very minimal amount of TVL in the 20 day cooldown ($1.94M) if this is accurate. Which would tell me there’s no panic at all at the moment:

Re just continues to offer solid yields in both their main product of reUSD and their mezzanine tranche of reUSDe.

As you can see below, they’ve maintained 12% APY in the reUSDe for ~6 months now which is very impressive IMO:

Curious what you are exposed to when holding the tranche?

You essentially sit in between the Junior and the Senior. Meaning, even in the event of an impairment, the Junior will be tapped first. I actually reached out to the team an there’s $77M of assets that would be used prior to having to dip into the reUSDe Mezzanine. IMO, that is a pretty decent built in buffer.

I thought this was cool. Essentially letsgetonchain back tested a number of different ETH yield products and the weETH-ETH smart collateral <> wstETH debt loop showed a 27% annualized return over the last 12 months.

Pretty impressive:

Also I’m well aware of the small exploit on the rewards contract that Fluid had. If you want more details on that, here’s the teams response.

I personally still have ½ of my crypto net worth in Fluid and am not going to pull out over something like this. I do monitor all of these things very closely, but this wasn’t their core contracts that were affected. My only criticism would be that they didn’t flag it sooner.

This one sort of speaks for itself. I’m writing up f(x) more and more as well as Liquity because they really are some of the few products with the least counterparty risk in all of crypto.

With the latest Circle/USDC shenanigans, these qualities become important:

I still haven’t personally used this yet to get into a position, but as a discovery tool its really interesting. I wrote it up last week as well, but it just gives you such a great overview of what loops are profitable and which ones aren’t.

A few other filters I’ve put on:

Basically what this is now scanning for is positions that look a bit more lasting. You need liquidity to be able to open and close these positions and you also don’t want to be getting into things that look good for a day only to have borrow rates spike.

A lot of great information shown here all in one place:

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

Stablecoins

RWA

This was really cool to see the D2 team shouted out on the Bloomberg terminal in reference to the SpaceX IPO lead up.

If you haven’t been following this too closely, Hyperliquid is going mainstream by being one of the true market pricing mechanisms for the SpaceX IPO.

I would not be shocked if preIPO Hyperliquid listings start to become a standard to determine proper pricing of these IPOs in the near future:

3Jane is providing liquidity to LendSwift, a short-term consumer lending company with a model people can loosely understand through Klarna.

Klarna scaled like crazy because it could keep extending credit to new users, but that kind of business always needs fresh capital behind it.

That’s basically what 3Jane is underwriting onchain: stablecoin liquidity funding real-world consumer credit, with LendSwift keeping first-loss risk underneath 3Jane lenders.

Full thread below:

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