New Trends in the Stablecoin Market: Multiple Mining Opportunities Offering High Returns

As the market warms up and volatility increases, the demand for stablecoins is on the rise. In the DeFi space, opportunities to earn returns through liquidity Mining have also increased. This article summarizes several ways for readers to obtain high returns through stablecoin Mining, with the highest annualized yield reaching 70.4%. The following data is as of November 23.

Maverick Platform

The GHO-USDC trading pair offers an annualized yield of 70.4% ( APR ).

Maverick is a decentralized exchange supported by several well-known investment institutions. GHO is a stablecoin issued by the Aave platform through over-collateralization of positions. Due to a lack of application scenarios, the price of GHO has long been below 1 dollar. Aave has taken a series of measures to enhance the liquidity of GHO in an effort to bring the price back to 1 dollar.

On the Maverick platform on Ethereum, the GHO-USDC pool with the highest liquidity operates in static mode, with a total liquidity of approximately $2.6 million. This pool distributes 5,000 GHO incentives daily, with a mining APR of 67.11%, plus a 3.29% trading fee income, resulting in a total APR of up to 70.4%.

In addition, Maverick also offers a GHO-USDC pool with a bi-directional model, and the liquidity will change with the price of GHO. The liquidity of this pool is approximately $1.04 million, with a total APR of 66.54%, of which the Mining APR is 47.89% and the transaction fee APR is 18.65%.

Velodrome Platform

The USDV/USDC trading pair offers an APR of 32.35%.

Velodrome is the main decentralized exchange on the Optimism chain. USDV(Verified USD) is a special stablecoin, with its underlying asset being STBT, which is issued by Matrixdock through a special purpose vehicle structure, and the underlying asset is U.S. Treasury bonds. USDV is built on the LayerZero cross-chain fungible token standard, addressing the problems of unofficial wrapped versions and liquidity fragmentation.

USDV adopts a unique color tracking algorithm that rewards "validator minters" based on the contribution of the token in circulation. Ordinary holders cannot directly gain returns from the underlying assets and need to obtain incentives through validator minters in specific scenarios. USDV has established partnerships with multiple DeFi protocols.

The liquidity of the USDV/USDC trading pair on Velodrome is approximately 1.66 million USD, with an APR of 32.35%.

Canto Platform

The cNOTE / USDC trading pair offers an APR of 22.43%.

Canto is transforming from a general blockchain platform to a customized solution for physical assets. NOTE is the accounting unit of Canto, minted through over-collateralization of USDC and USDT. Users can provide NOTE deposits to the Canto lending market and receive cNOTE deposit certificates. Due to the existence of deposit interest, the exchange ratio of cNOTE to NOTE will gradually increase.

Currently, the liquidity of the cNOTE/USDC trading pair on Canto is approximately $4.41 million, with an APR of 22.42%. Users can directly purchase NOTE and deposit to obtain cNOTE, or mortgage USDC/USDT to mint NOTE for further operations.

Cetus Platform

The USDT/USDC trading pair offers an APR of 20.49%.

Cetus is the main decentralized exchange on the Sui public chain. The USDT and USDC here have migrated from Ethereum through a cross-chain bridge. The liquidity of this trading pair on Cetus is approximately 39.23 million USD.

It should be noted that Cetus allows for concentrated liquidity. To achieve higher returns, liquidity providers typically concentrate their funds within a narrower price range. If the USDC/USDT price fluctuates, it may be necessary to adjust strategies.

The main reward is the SUI token allocated by the Sui public chain. Other exchanges on Sui, such as Turbos and FlowX, also offer similar opportunities, with APRs of 28.02% and 33.74%, respectively.

Thala Platform

The MOD/USDC trading pair offers an APR of 20.53%.

Thala is a comprehensive DeFi platform on the Aptos chain, providing services such as exchanges, stablecoin, and liquidity staking. MOD is the over-collateralized stablecoin issued by Thala, which can be directly exchanged and redeemed for USDC, with a transaction fee of 0.25%.

The liquidity of Thala's MOD/USDC pool is approximately $2.97 million, with an APR of 20.5%. Please note that the MOD rewards earned will be locked for one month before they can be unlocked.

Elixir Platform

The USCT/USDC trading pair offers an APR of 27.72%.

Elixir Finance is a decentralized algorithm-driven market-making protocol, and its trustless algorithmic model allows a wide range of participants to provide liquidity for decentralized and centralized platforms. Currently, the liquidity on Elixir is primarily used for the Vertex platform.

The APR for the USDT/USDC spot trading pair on Elixir is 27.72%, with liquidity of only $90,000. Of this, 15% is in ARB token rewards, while the rest is in locked VRTX tokens. The project's valuation once reached $100 million, and it has not issued any tokens yet; early participation may offer airdrop opportunities.

Convex Platform

The BUSD/3Crv trading pair offers an APR of 45.31%.

Convex and Curve are well-known DeFi projects, with BUSD, DAI, USDT, and USDC being commonly used stablecoins. Users can provide liquidity for these stablecoins in Curve and then stake the liquidity tokens in Convex to earn rewards.

The liquidity of this trading pair is approximately $236,000, with rewards primarily in CRV tokens, along with a small amount of CVX and trading fees. It should be noted that Binance and Paxos will stop supporting BUSD in February 2024.