Yields Of The Week: September 24 2025

Welcome to Yields of the Week! Every Friday, we spotlight the top DeFi yields across the crypto landscape, focusing on opportunities that are not just the highest APYs but also sustainable and unique 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!

This is never a recommendation or endorsement to buy any token(s) mentioned, and here’s a few risks to consider:

• Smart contract risk in any underlying protocols

• Pool size and liquidity depth

• Front-end spoof attack on an app frontend

• An economic design exploit

• Colluding signers on any multisig

• Systemic risk across DeFi, including stablecoin depegs

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Stablecoin Yields

Here’s the top yielding stablecoin vaults (boosted) for the past 7 days according to Vaults.fyi:

ETH & BTC Yields

Here’s the top yielding ETH vaults (boosted) for the past 7 days according to Vaults.fyi:

Here’s the top yielding BTC vaults (boosted) for the past 7 days according to Vaults.fyi:

Neutrl (In Beta, but going live soon)

I was quite skeptical about Neutrl when I first heard about it, yet I hadn’t done any research of my own.

In fact, check out one of my first messages to the team when we started chatting a few weeks back:

The reason I included this is because I think it represents a theme I've seen on Crypto Twitter. There seems to be a hivemind of opinion that develops in this space (I am guilty of it at times too). Sometimes there’s only a few people doing primary research and coming to their own conclusions while thousands of others just amplify these findings without thinking for themselves.

What that sometimes leads to is loud voices making statements and then everyone just sort of agreeing.

I was in this camp on Neutrl. I really didn’t know anything about it other than, I didn’t see how OTC deals could translate safely to synthetic dollar yields.

Finally we had a few calls with the team and realized we had to cover them on the podcast (coming 🔜).

Don’t get me wrong, with any new sources of yields in DeFi there’s always risk, but the team are very sharp and seem to be very buttoned up on the risk side.

So Where Does The Yield Come From?

My main misconception with Neturl was thinking all of the yield came from OTC deals, but that is far from the truth. My other one was thinking that these OTC deals would be typical 1 year lock and 3 year vesting terms (also wrong, most are 3 month deals with major protocol foundations themselves).

In reality only 10% of the the entire portfolio is in the OTC strategy as things currently stand. Here’s an example of how things could look once they’re out of beta:

As you can see from the image above there’s 3 main buckets that make up their overall portfolio:

• Delta-Neutral strategies (in talking to the team these are highly liquid Blue Chip tokens)

• Liquid reserves (Yield bearing Stablecoins)

• Hedged OTC positions

Check out the results from their first OTC tranche here and their second here.

Looking forward to seeing Neutrl go live!

Cap

What is Cap? (read this)

Cap is a really interesting new design space for a yield bearing stablecoin. If you’re curious on how it all works, we went in depth with the founder Benjamin on our podcast:

If you prefer to read, they have some excellent docs here.

The base yield for stcUSD (staked cUSD) is currently around 14.87% APY:

We highlight a looping strategy down below in our looping section 👀 

Yield Trading

Plasma is coming to Pendle.

I think this will be a major farming opportunity. Plasma goes live 09.25.2025 🔜 

Internet dropping some alpha on these Ethena YTs:

Here’s what the top yield markets on Pendle look like across Stables, BTC, ETH and HYPE (keep an eye on the maturity dates, pools with only a few days left typically show elevated yields):

Stables

BTC

ETH

HYPE

Leverage Looping Yields

Looping can be a very effective leverage strategy to earn more yield, but one must be cautious to monitor borrowing rates, and liquidations which are a necessary cost to generate such leveraged yields (we don’t recommend max leverage). It’s also important to know if you’re going after points or real yield when looping.

Cap

We already talked a bit about Cap above, and as we mentioned, the base yield for stcUSD is currently 14.87% APY.

The team recently put out an excellent guide that walks you through step by step how to loop their PT asset on Morpho:

The breakdown they share in their walkthrough yields 53.9% APY on this loop 👀:

I recommend giving their full article a read right here.

That’s all for now, thanks for checking it out!

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