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In a bear market, you need this Stablecoin guide

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This paper analyzes Stablecoin financial products of five mainstream DeFi protocols and three trading platforms, and we find the most simple and effective way to hedge crypto assets.

Original title: "When the market is cold, please keep this stable currency guide"

原文作者： 0xEliven，Foresight News

The crypto boom is over, and the rich and risky players in this new world are facing a new problem: How to avoid downside risks and continue to make money without resorting to complex derivatives to hedge.

Perhaps you can find many answers in the traditional world. Lucas Campbell& NBSP, Bankless co-founder;Analysis of theOver the utility of asset classes such as cash, bonds, stocks, gold and real estate to balance crypto assets. However, the crypto industry itself has come up with a better solution:Stablecoin financial.

We combed the DeFi protocols with the highest TVL (total lock-up value) in the market (Curve,Aave,Compound,Anchor Protocol And & have spentYearn) and some centralized trading platforms (Binance, OKX and &NBSP;Gate.io）的 Stablecoin 理财产品，得出The following conclusions:

1. Stablecoin 理财提供了比传统金融理财更高的年化收益率，我们观察到的最高收益率为 Yearn 在 Fantom 上的 DAI 金库，收益率为 24.96%;

2. The yield ceiling of DeFi is higher than that of financial products on centralized trading platforms, but DeFi has a higher threshold and Gas wear;

3. Centralized trading platform tends to merge with DeFi's financial products. For example, OKX helps users access Anchor Protocol as an agent;

4. High-yield DeFi finance is usually distributed inNew public chain or Layer 2 On, they are generally characterized by lower capital size;

5. 除交易平台提供少量固定期限、固定利率的理财产品， Stablecoin 理财通常为Demand and floating rates.

Note: All data in this paper are as of January 20, please refer to the source website for real-time data.

Stablecoin ：加密浪潮中的避风港

Stablecoin 是锚定法定货币的加密资产，具有相对稳定的价值，主流 Stablecoin 均锚定美元。在以波动性和风险著称的加密行业， Stablecoin 是重要的避险资产，投资者可通过持有 Stablecoin ，锁定资产价值，避免市场下行带来的损失。

在新兴的 DeFi 领域， Stablecoin 也是价值转移和存储的重要工具。随着 DeFi 及整个加密市场的扩张， Stablecoin 也经历了爆发式增长，据 CoinMarketCap 数据（注：文中未注明来源的数据，据来自相应项目官网），当前 Stablecoin 总市值已达到 1680 亿美元。

不仅整体市值在膨胀， Stablecoin 的种类也愈加繁多。市值较高、流动性更好的 Stablecoin 具备更好的稳定性和安全性。本文旨在寻找风险低、更具稳定性的理财途径，因此我们的观察对象仅限于市值前五的 Stablecoin ，它们是：USDT, USDC, BUSD, UST, and DAI.

Source: CoinMarketCap

USDT：由 Tether 公司发行，是市值最大的 Stablecoin，市值为 783 亿美元；

USDC: Issued by Circle, $46 billion;

BUSD: By Binance, $14.3 billion market cap;

UST: Issued by Terra, $10.8 billion;

DAI: Issued by DeFi Protocol MakerDAO. Market cap: $9.7 billion.

Stablecoin 理财产品丰富多样，遍布加密行业各个角落。本文将主流的 Stablecoin 理财产品划分为 DeFi 和 CeFi 两个阵营，从理财服务提供方的角度切入，全方位比较和分析 Stablecoin 理财现状。

When comparing financial products, we take the yield rate as the most important parameter. butYield is not everything, especially in DeFi financial management, we also need to refer to the amount of capital in the asset pool and the commission friction of on-chain operation.

DeFi Stablecoin 理财

两年前开启的 DeFi 浪潮是本轮加密行业爆发的重要助推剂，经过两年的发展，DeFi 生态已今非昔比，TVL（总锁仓价值）达到 2280 亿美元。DeFi 产品也在不断探索新的领域，围绕 Stablecoin 的交易、借贷，及其它衍生业务蓬勃发展。DeFi 新协议在资金规模和安全性等角度与 Aave、Curve 等老牌成熟协议还有一定差距。同样，我们选取市场Stable operation and high lock-up valueAs the object of observation.

数据来源： DeFi Llama

Curve

Curve 是最早的 AMM（自动化做市商）之一，最初专注于提供 Stablecoin 间的兑换（V2 版本扩展了非 Stablecoin 交易），通过创新算法提供大规模、低滑点的 Stablecoin 交易。Curve 的总锁仓价值已达到 230 亿美元。

Curve currently supports eight chains, including ethereum, Arbitrum, Avalanche, Fantom, Harmony, Optimism, Polygon, and xDai.

Curve 在以太坊上的主要 Stablecoin 池是 3pool，提供 DAI、USDC、USDT 三个 Stablecoin 间交易，收益率最大为 2.44%（其中交易费永奖励为 0.28%，CRV Token 激励通过 Boost 机制放大 2.5 倍后为 2.16%，注意：Boost 机制要求持有一定量的 CRV Token，才能获得收益加持，如果没有 CRV，只能获得区间最小收益，既 0.86%）。

Curve also provides UST/3Crv (LP Token of 3pool, which provides liquidity for 3PPool pool to obtain 3Crv) and other liquidity pools. Although 3Crv is also obtained by USDT, USDC and DAI, there are derivative mechanisms and leverage mechanisms, which will not be specifically introduced in this paper. LP token-related products are also not discussed below.

Remarkably, Curve came from behind in the DeFi AMM liquidity race,Much credit has been given to Convex Finance.

Convex, a one-stop platform for CRV pledge and liquidity mining that currently only supports Ethereum, contributed more than $17 billion in TVL to Curve. Convex won the endgame in the CRV war by simplifying the use process of Curve, improving the returns of liquidity providers and CRV pledors, and leveraging CVX Token incentives.By pledging Curve's LP Token to the Convex platform, a higher comprehensive income can be obtained.

Curve's TVL focuses on Ethereum,The new common chain and the one at Layer 2 Stablecoin Pool TVL is low, but the yield is relatively high, some high-yield pools incentive tokens have high volatility and have a great impact on the overall yield.

The 2pool on Arbitrum supports USDC and USDT, with an annual return rate of 8.58%.

Avalanche USD Coin supports USDC. E and USDC, with an annualized yield of 5.43%.

Fantom 2Pool supports DAI and USDC, with the highest annual return rate of 5.18%.

Harmony 3Pool supports DAI, USDC, and USDT with an annualized yield of 2.64%.

Optimism A 3Pool supports DAI, USDC, and USDT, with an annualized return of 0.7%.

The 3Pool on xDai supports WXDAI, USDC, and USDT with an annualized yield of 10% (CRV and GNO Token incentive).

Polygon 上无相应 Stablecoin 池。

Aave

Aave is one of the two DeFi lenders, with current TVL of $24 billion. Aave offers five markets, V1, V2, AMM, Polygon, and Avalanche, with TVL focusing on Aave V2, Polygon, and Avalanche.The highest annualized yield is the USDT lending pool in the AMM market at 7.66%.

Aave V2

V2 market TVL is $13.7 billion and supports deposit lending for DAI, USDC and USDT.

From the chart above, we can see that DAI, USDC and USDT have annualized deposit rates of 3.27%, 3.20% and 3.03% respectively. DAI has the highest yield.

Aave (Polygon)

Aave's TVL on Polygon is $5.68 billion and supports deposit lending for DAI, USDC and USDT.

As can be seen from the figure above, the comprehensive annualized interest rates of deposits in DAI, USDC and USDT are 4.39%, 4.14% and 7.47% respectively, and USDT has the highest rate of return.

Aave (just)

Aave's $494 million TVL at Avalanche supports deposit lending for DAI, USDC and USDT.

DAI, USDC and USDT have combined annualized deposit rates of 5.06 per cent, 4.53 per cent and 3.47 per cent respectively, with DAI leading the way.

To observe the Aave's other two markets: The highest-yielding AMM market is USDT with an annualized rate of 7.66%; The top-yielding V1 market is DAI, with an annualised rate of 5.15%.

Aave 协议上 Stablecoin 最高的年化利率为 7.66%，是 AMM 市场上的 USDT 借贷池。除了年化利率，用户需要关注借贷池资金规模。资金规模较小的借贷池的收益率容易受新注入流动性的影响。比如 Aave 协议中 Stablecoin 收益率第二高的借贷池为 Polygon 上的 USDT 池，其资金规模为 2.38 亿美元，而收益率最高的 AMM 市场 USDT 借贷池资金规模仅为 89 万美元。

Compound

Compound is the other of the DeFi lending duo, with a current TVL of $13.2 billion. Compound is deployed only on the Ethereum network to support lending for DAI, USDC, and USDT.

It is not hard to see that the annualized return rates of DEPOSITS in DAI, USDC and USDT are 2.84%, 2.97% and 2.52% respectively.USDC had the highest yield of 2.97%.

Yearn

Forever is a DeFi revenue aggregator with current TVL of $4.23 billion (DeFi Llama). Yearn sought to make the most money by automating the distribution of users' money between other deals. Yearyearn currently supports both ethereum and Fantom chains, offering Vaults, an income aggregator, and Iron Bank, a mortgage lending product.DAI Vaults, on Fantom, has the highest annualized yield at 24.96%.

The yield rate of each product is observed in detail below.

Ethereum-vaults: USDT has the highest yield at 7.68%, followed by USDC at 5.76%.

Ethereum-iron Bank: USDT has the highest yield of 0.45%.

Fantom-vaults: DAI had the highest yield of 24.96%. USDT yields 16.45%.

Fantom -- Iron Bank: USDC has the highest yield at 8.26%; DAI followed with a yield of 3.14%.

Compared to the data, Vaults are more profitable than Iron Bank, and the Fantom chain, which has less lock-up money, is more profitable than Ethereum. The current Yearn 提供的最优的 Stablecoin 收益率是 Fantom 上 Vaults 的 DAI，为 24.96%.

Anchor Protocol

Anchor Protocol is Terra Ecology's fixed interest rate Protocol, developed by Terraform Labs to provide low-risk fixed interest income tools for the ecology, with TVL of $11.3 billion to date. Anchor has publicly committed to offering savings products with an annualized return of 20%,The current annual interest rate for current deposits supporting UST is 19.39%Interest rates remained near 20% for a long time.

CeFi Stablecoin 理财

DeFi 虽然发展迅猛，但距离一统天下仍有相当距离，CeFi 依然是加密金融不可或缺的领域。就 Stablecoin 理财而言，CeFi 领域的服务提供商主要集中在交易平台，交易平台拥有庞大的用户群体和丰厚的资金储备，这为其理财业务创造了得天独厚的条件。

交易平台的 Stablecoin 理财产品更加接近传统银行理财，并在结合区块链本身的特性的基础上扩展了新产品。主要包括：活期理财、定期理财、DeFi 挖矿、流动性挖矿等。下面介绍币安、OKX（原 OKEx）和 Gate.io 三家交易平台提供的 Stablecoin 理财产品。

Currency,

币安是最大的加密货币交易平台之一，据 Cingecko 数据，其近 24 小时现货交易量为 125 亿美元。币安为用户提供了币安宝、流动性挖矿和双币理财的 Stablecoin 理财产品。双币理财可使用 USDT 参与，但其本质是期权，属于高风险投资产品，本文不具体讨论。

Currency amp

币安宝提供了活期和定期的 Stablecoin 理财。

Current financial management can deposit and withdraw at any time, the interest rate is floating, currently support BUSD, USDT, USDC and DAI. The current annualized rates for BUSD and USDT are 7%, USDC 1.2% and DAI 2.2%.

Note: BUSD and USDT have a gradient annual interest rate of up to 7%, and the interest rate will be reduced if the principal exceeds a certain amount.

Fixed term finance supports fixed-rate finance for fixed deposit terms. Currently, only USDT finance with a maturity of 30 days and an annualized interest rate of 6% is available.

Flow mining

流动性挖矿是模仿 DeFi 自动化商推出的产品，用户可通过向 Stablecoin 池注入流动性获得收益。收益来源为交易手续费分成以及平台激励。

币安提供了四个 Stablecoin 交易对池，分别为 BUSD/USDT、BUSD/DAI、USDT/DAI、USDC/USDT，年化收益率为别为 2.94%、3.27%、3.62%、2.71%。收益率最高的为 USDT/DAI，3.62%。

OKX

OKX 是老牌加密货币交易平台，在市场也占据重要地位。OKX 提供 Stablecoin 理财业务的产品为赚币，通过活期、定期、借贷、DeFi 挖矿等形式为用户提供理财服务。赚币产品支持 USDT、USDC、DAI 和 UST。

USDT has the highest interest rate of 7.3% annualized. Loan financing is to match fixed term and interest rate orders in the loan market.

USDC currently has the highest rate of interest in Compound DeFi Finance, and OKX uniformly distributes user funds to Compound agreements to earn revenue.

DAI's highest-yielding asset is also Compound DeFi Wealth Management.

UST financial management is connected with Terra Ecological Anchor Protocol, and Anchor provides stable annual returns of about 20% for UST depositors through mechanism design. With OKX participation, users receive 19% annualized revenue.

Gate.io

Gate.io 也是老牌加密货币交易平台，其理财产品支持的 Stablecoin 包括 USDT 和 DAI。产品为借贷挖矿和流动性挖矿，均为活期理财产品。

The product behind USDT's wealth management is borrowing and mining, currently yielding an annualised interest rate of 4.5%.

Liquidity mining supports DAI/USDT pools and currently generates 7.12% annualized returns.

summary

Let's start with a familiar topic,CeFi and DeFi, how to choose? Just from the perspective of financial management, the simple conclusion is: DeFi's flexibility leads to higher returns, but operating barriers and transaction wear (on-chain fees); CeFi's advantages are low barriers to entry and almost no trade wear and tear.

The next question is which product has the highest yield? Of the products analyzed above,DeFi Stablecoin DAI of Fantom Machine Gun Pool has the highest yield, with an annualized rate of 24.96%Secondly, Anchor Protocol, a fixed income Protocol, provides UST deposit with an annual interest rate of 19.39%. While & have spentThe most profitable deposit in CeFi is UST deposit provided by OKX, with an annualized return of 19% through indirect use of Anchor Protocol; The second is & have spentGate.io Liquidity mining, annualized interest rate of 7.12%; Then there are binance's USDT and BUSD current accounts, with an annualized interest rate of 7%.

Although yield is a very important reference factor when choosing wealth management products, it is important to note thatYields can change dramatically in a short timeTherefore, factors affecting the rate of return should also be considered, such as capital scale. Capital pool with high yield and low capital scale may attract liquidity in a short time and dilute the rate of return.

One final reminderrisk，CeFi 理财的主要风险来中心化机构的信任风险。DeFi 的风险来源更加多样化，比如智能合约攻击风险、流动性不足的风险、Gas 费用。两者也存在共同的风险因素，比如收益率波动、 Stablecoin 脱锚。尽管如此，这篇文章已经告诉你加密世界最可靠的保险指南。