High APY god mine many, return to 2020DeFi Summer?

Original article by Jaleel, BlockBeats Editor by Jack, BlockBeats

In the recent DeFi track, the most popular pledge mining agreement may be Agility, which reached $510 million TVL in just a few days. With the extremely high liquidity mining income, the price of $AGI rose from 0.2 to 0.99 in 5 days, an increase of 300% and many times.

There was even a story that the Agility team had sold out themselves, and they didn't know it was going to be so popular.

Indeed, it is not just a Agility protocol. After the completion of the upgrade in Shanghai, the carnival feast is not limited to LSD; all DeFi protocols APY also gradually rise, and new god mines appear in succession, which seems to reproduce the atmosphere of 2020DeFi Summer. The community also said, "Although the recent DeFi mining income is not as good as that of Han and Tang Dynasties, it is better than that of Ming and Zhongxing."

Agility protocol APR is as high as 3592.87%

Let's start with Agility. So far, AGI-WETH returns on Agility have been as high as 3592.87% APR. ETH single currency pledge yield at 36.43% APR.

Agility issues AUSDs with extra collateral. Users can only mint AusDs by mortgaging aLSD or aETH. aLSD and aETH are also tokens issued by Agility to represent the LSD or ETH that users place into the protocol.

When users recharge LSD in Agility Protocol, they will obtain aLSD and get 100% corresponding LSD reward. Agility currently supports stETH, rETH and frxETH. When users deposit ETH into Agility Protocol, they receive aETH, an asset that does not have any rewards in itself, but can be profited from. aETH can be used for: casting AUSDs as collateral for trading and for participating in LSD liquidity allocations.

The value of aLSD and aETH is linked to the value of the corresponding supply assets in a 1:1 ratio and can be used for LSD liquidity allocation and aUSD coinage. aLSD or aETH holders can deposit their funds into the corresponding pool of funds and receive three kinds of rewards: 100% LSD return, 30% Vault strategy return, and esAGI token reward.

Agility's vision is to unlock liquidity for LSD holders, explore more LSD trading scenarios, and provide deep liquidity for other LSD-related protocols. The vision is to unlock liquidity for LSD holders and explore more LSD trading scenarios while providing deep liquidity for other LSD-related protocols.

This does not seem to be innovative, but how does Agility achieve such a high rate of return and lock-in?

The answer may be that at present, the liquidity release path for converting LSD into USD is mainly borrowed from AAVE and Compound. This year, the annual yield of USD borrowing on AAVE and Compound is rising, which makes the liquidity release cost of LSD too high. However, Agility issues excess pledged stable coins aUSD, and users pledge aLSD or aETH to cast aUSD. Therefore, the liquidity release cost of converting LSD to aUSD is almost zero. Agility can be said to be an LSD liquidity allocation platform. It is also an aUSD trading platform. Agility lock-ins also spike.

Just one Agility cannot reach the feeling of "It is enough to be bright and vigorous". Besides Agility, what other agreements have achieved considerable returns recently?

The Thala protocol on Aptos

Thala is a decentralized finance protocol powered by the Move language that seamlessly lends decentralized, overpledged stablecoins in Move Dollar and provides efficient liquidity through a rebalancing AMM on the Aptos blockchain. The project team, Thala Labs, comes from an organization focused on deploying innovative DeFi products on Aptos, including members from MakerDAO, ParaFi Capital, NEAR, Twitter, Apple, Google, and Amazon.

Last year, Thala launched the Move Dollar ($MOD), an over-collateralized stablecoin, as the Aptos native stablecoin for trading, facilitating, and interacting with various other DeFi protocols in the ecosystem, as well as acting as a store of value, medium of exchange, and unit of account. A few months later, Thala Labs closed a $6 million seed round led by ParaFi Capital, White Star Capital and Shima Capital.

Since then, Thala Labs has continued to make new moves, such as launching a collection of development tools Thala OSS, then distributing dividends to early related users, and cooperating with LayerZero to integrate $MOD and $THL into full chain tokens.

Back to the present, according to the data shown on the official website, Thala's APY does not have the 3592.87% APR, but the pool with the highest APR, THL-MOD, also reaches 107.47%, and the pool with the highest lock quantity, MOD-zUSDC, reaches $6.73 million.

Not only APY, since the official launch of the Aptos main network on April 6, the Thala protocol Token $THL broke through $0.74 in two days, a record high, and hit another high ten days later, touching $0.85. Meanwhile, according to DeFiLlama, the deal is currently worth $28.53 million.

Thala's momentum is so strong that we talked to Woody, a partner at Heng Hsin Capital, who thinks Thala's popularity may not last long, given that few people are willing to put money into the Aptos chain.

Former paypal Finance founder launches HOPE

On April 3, Flex Yang, the former founder of Babel Finance, launched a distributed stablecoin called HOPE, which is backed by native crypto assets. And has launched HopeSwap, Staking, Liquidity Farming, Gauge Vote and other features.

HOPE is a one-stop DeFi ecosystem based on the original cryptographic distributed stablecoin HOPE. A distributed managed network is used to minimize the possibility of a single point of failure, ensuring that investors do not take on the risk of a centralized organization while ensuring that their assets are protected by secure custody.

Flex Yang noted that after the paypal Finance project, trust in sovereign currencies has decreased due to the perception that geopolitical conflicts have intensified since 2022, and therefore there is a huge demand for non-US dollar international trade currencies. "The long-term market goal of Stablecoin HOPE is to become an international light settlement currency, but in the early days, HOPE's goal is to become a highly liquid collateral for the crypto market. We will create a complete exchange and interest rate market for HOPE during the start-up phase."

Two weeks later, after a successful public beta phase, HOPE announced that Coinbase Custody had been selected as the first custody server for HOPE's distributed reserve network. Meanwhile, protocols and features including HopeSwap, HOPE Pledge and DAO are now officially available to all users.

According to the data on the official website, up to now, the total lock-in volume of HOPE is nearly 2 million, and the pledged APY has reached 529.11%.

The LT holder can get a veLT (vote-escorted LT) by locking the LT for a certain period of time. The number of Velts available to the user is proportional to the lockout time. For example, locking 10, 000 LTS for 1, 2, 3, or 4 years will yield 0.25, 0.5, 0.75, or 1 veLT, respectively. veLT holders will have bonus and governance voting rights. Depending on specific veLT holdings, users can earn up to 2.5 times the LT bonus. The allocation plan for LT awards is determined by their corresponding Gauge weights, which are updated after each voting cycle.

HopeSwap is the portal for mass users to enter the HOPE ecosystem. Users can use mainstream crypto assets to obtain HOPE and LT through on-chain AMMs. Users can provide liquidity to existing trade pairs or create new trade pairs to earn 50% of HopeSwap's fees. On top of this, LP Token holders can also pledge eligible LP tokens and receive LT rewards according to their corresponding Gauge weights. With a single currency pledge, the HOPE holder can also earn the LT reward without incurring a fickle loss.

HOPE 生态系统内产生的所有交易费用的 25% 将按比例分配给所有 veLT 持有者。另外 25% 的交易费用将根据投票结果，按比例分配给投票给特定 Gauge 的 veLT 持有者。

用户可以在 HopeSwap 中对 HOPE 与 LT 等加密资产进行兑换，还可以提供流动性获得手续费分成，并通过流动性挖矿获取$LT 奖励。HOPE 持有者还可以通过单币质押的方式获得 LT 奖励，而无需担心无偿损失。LT 持有者则可以锁定 LT 来获取 veLT。veLT 持有者可以获得 LT 奖励加成与治理投票权。LT 奖励将在 4 月 20 日 08:00（UTC+8）之后开始释放。

Ronin Chain returns to $100 million TVL after hiatus in October

Ronin Network, which is the side chain of Axie Infinity, officially announced on March 30 that the RON Pledge feature went live, and the pledge reward will be effective on April 12. RON prices have also made a nice climb, peaking at $1.439 on April 14, a 17.18% gain in 24 hours.

Axie Infinity side chain Ronin Network TVL returned to $100 million after an October hiatus, according to DeFillama.

As we all know, Ronin is an EVM blockchain built specifically for gaming. Ronin, launched by Axie Infinity creator Sky Mavis, is also a blockchain proven to scale a single game to accommodate millions of daily active users, and has handled over $4B in NFT volume. Ronin is optimized for near-instant transactions and negligible fees, allowing millions of in-game transactions to happen seamlessly.

In February 2021, after three years of exploration, the Axie team launched their dedicated chain, Ronin, to provide players with free and fast blockchain interaction, which immediately exploded the market.

In 2021, Ronin handled almost 15% of all NFT volumes, becoming home to all Axie Infinity assets (Axies, Land, SLPS, and AXS). Ronin is second only to Ethereum in terms of NFT sales. While there are many other chains available, Ronin is the only platform proven to scale a single game to accommodate millions of daily users.

At present, the APY of Ronin pool is basically maintained above 20%, and the highest APY is 31.03%.

Back in 2020 DeFi Summer?

不仅如此，据 DeFiLlama 数据显示，自今年初以来，DeFi 收益率市场 Pendle TVL 已上涨超 250%，在总计超 5400 万美元的 TVL 中，以太坊占据 2700 万美元，Arbitrum 占据 2500 万美元，Avalanche 占据不到 100 万美元。 其中，stETH、rETH、frxETH 和 ankrETH 占据了 Pendle TVL 的 44%，其次是 GMX 协议的 GLP 占 20%，以及 Gains Network 的 gDAI 占 15%。

我们是否迎来了下一个 DeFi Summer? 针对这个充满希望的问题，我们采访了恒新资本合伙人 Woody。

In this regard, he believes that the current stage is essentially the same as the DeFi market in 2020. We can interpret the current situation as the capital is "hungry" and willing to rush some hot spots, which shows that the capital is still willing to rush. In theory, they reflect the trend of fast money, but they are very fast and dare to rush when they know the news, but they are also easy to be RUG, after all, not every agreement and project can be done.

BlockBeats warns that high returns from liquidity mining are often unsustainable, and while trying to address liquidity issues, there is a risk of some collapse in agreements and projects. The user should be careful before undertaking the pledge, do sufficient research and analysis, and carefully choose the agreement trusted.

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