Face Washing Attack, Which Stablecoin Yield Pools Are Safe Havens Now?
原文标题:Best Stablecoin Farming Opportunities
原文作者:Charlie
原文编译:深潮 TechFlow
在当前的市场环境下,利用稳定币获得收益是应对挑战并实现增长的有效方式之一。本文将介绍一些经过风险调整后值得关注的收益机会(排名不分先后)。
HLP (Hyperliquidity Provider)

目前,Hyperliquid 平台的 Hyperliquidity Provider (HLP) 金库提供 18.61% 的收益率,是一个持续稳定的回报来源。根据官方描述,HLP 通过多种做市策略为 Hyperliquid 提供流动性,同时执行清算操作并积累平台交易费用。
需要注意的是,HLP 的收益表现通常不均衡。在较长时间内,收益可能保持平稳或略有增长,但在清算事件期间,往往会出现显著的单日回报:

然而,由于 HLP 的操作机制较为封闭,存款人完全依赖于 Hyperliquid 团队的专业能力,因此存在一定的「黑天鹅风险」(即极端事件可能导致的潜在损失)。不过,值得信赖的是,数据显示,交易者平均亏损,因此从长期来看,HLP 金库可能具备持续盈利能力。此外,存款人需要注意,资金存入 HLP 后需锁定 4 天才能提取。
Sky Money

Sky Money 是 MakerDAO 的全新品牌,目前为稳定币存款者提供了以下两种选择:
· 存入奖励金库 (Rewards Vault) 可获得 8.52% 的收益,以 SKY 形式支付。
· 存入储蓄金库 (Savings Vault) 可获得 6.5% 的收益,以 USDS 形式支付(这也是新的 DAI 储蓄利率)。
相比之下,奖励金库的高收益显然更具吸引力,且两种选择的风险水平相当。存入奖励金库的存款人还可以积累 SKY 代币,我们认为 SKY 当前被市场低估。如果选择持有并积累 SKY,而不是简单地「挖矿即卖出」,可能会为名义收益率带来额外的增长潜力。
Ethereal

Ethereal 是一个去中心化的永续合约交易平台,与 Ethena 团队关系密切,并得到了他们的支持。据悉,该平台将上线于「Ethena Network」,成为 Ethena 团队用以对冲现货多头仓位的工具,从而减少资金流向中心化交易所 (CEX)。
目前,Ethereal 正在开展一项名为「Season Zero」的积分活动,存入 USDe 的用户可以积累 Ethereal 积分,并获得 30 倍的 Ethena 奖励(具体基准尚不清楚,但可以假设部分 $ENA 代币将奖励给存款者)。
目前这一机会的年化收益率 (APR) 尚未明确,我预计可能会在 15%-20% 之间,具体取决于 Ethereal 代币的发行价格。由于收益信息不够透明,从机会成本的角度来看,这可能存在一定风险。但无论如何,我认为这是稳定币收益组合中值得关注的一个机会。
AO

AO 对许多市场参与者来说仍是一个低调的项目。我们实际上早在 2024 年 5 月就对此进行了报道。AO 长期以来一直运行类似预存款的挖矿活动,但随着最近代币生成事件的完成,其年化收益率已得以确认:
1 DAI 每年可赚取 0.004424 AO,因此按当前 AO 价格($32.49)计算,APR 为 14.37%。
与 Sky 和 Ethereal 类似,挖矿 AO 目前可以通过「挖矿即卖出」的方式获得不错的收益,同时也可以选择持有 AO。如果选择持有,未来可能有更大的增值潜力,为当前的 APR 提供额外的上升空间。
Berachain

Berachain 原生 DEX 提供了一些有趣的机会,例如 USDC.e/HONEY 资金池,目前支付 13.79% 的收益率,形式为 BGT。BGT 是一种灵魂绑定代币(不可转让),但可以按 1:1 的比例燃烧兑换为 BERA。挖矿者可以选择立即出售以实现当前的 APR,或者积累 BGT,押注 Berachain 生态系统的未来发展(最近该生态系统正逐渐升温)。
Sonic
Sonic 正在进行一场规模庞大的空投挖矿活动,分发数亿美元的 S 代币以激励生态系统的增长。这为收益挖矿者创造了一些独特的机会,值得进一步关注和研究。

Shadow Exchange 是生态系统中的一个原生去中心化交易所 (DEX),提供了许多颇具吸引力的稳定币投资机会。其中,以下两个选项尤为值得关注:
· USDC.e/scUSD:年化收益率为 28.9%
· USDC.e/USDT:年化收益率为 35.3%
Navigator Exchange 是一个基于 GMX 的分叉项目,同时推出了一种类似 GLP/JLP 的产品,称为 NLP。这种产品需要注意的是,由于其投资组合中包含 S、BTC 和 ETH,因此可能面临一定的价格波动风险(Delta 风险)。目前,NLP 提供的回报率如下:
· 35.60%,以 S 代币形式支付
· 131.71%,以 esNAVI 代币形式支付

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