U-margined "Lie to Earn" Strategy: Full Analysis of CEX Stablecoin Wealth Management vs On-Chain Interest-Bearing Protocol

1. Centralized Exchange (CEX): The white-friendly "brainless banking" solution

takes Binance, OKX, Gate.io, and Bitget (February 28) as examples:

Binance: The real-time annual interest rate of USDT single-currency financing is tentatively reported at 2.4%, the annual interest rate of Tier 1 (0-500 USDT) is temporarily quoted at 7%, and the annual interest rate of Tier 2 (500-5000 USDT) has an additional 2% annual interest rate, and the estimated annual interest rate is 1.9% ~ 9.4%;

USDC single-currency savings real-time interest rate is tentatively quoted at 1.63%, Tier 1 (0-500 USDC) APR is tentatively quoted at 10%, Tier 2 (500-10, 000 USDC) APR has a 3% markup, and the estimated APR is 11.62%;

The real-time annual interest rate of FDUSD single-currency wealth management is tentatively quoted at 1.43%, and the annual interest rate of Tiered 1 (0-400 FDUSD) is tentatively quoted at 8%, with a minimum investment of 0.1.

OKX: USDT single-currency earning real-time interest rate is temporarily quoted at 5%, USDC single-currency earning real-time annual interest rate is tentatively quoted at 5%, with a minimum investment rate of 0.01.

Gate.io: USDT Single-Currency Earning Real-time Interest Rate is 3.96%, and 10% Extra Reward, the same value of $GT will be rewarded, the tiered APR will change with the number of days saved, 2.89% for 3 days, 3.42% for 7 days, 3.68% for 14 days, minimum 1 investment; USDC single-currency savings are tentatively quoted at 5%, with a minimum investment of 1.5%.

Bitget: USDT single-currency savings are tentatively quoted at 5.96%, with an additional 8% bonus in 0 - 500 USDT.

The CEX product is easy to operate, flexible in deposit and withdrawal, and beginner-friendly, and the interest rate of Binance/OKX current products is similar, Gate.io USDT 3.9% APY + 10% GT additional rewards.

2. On-chain basic lending: The mainstream on-chain lending of "fixed deposits" in the DeFi world

(based on the base interest rate on February 28) is an example:

Ethereum

Aave V3: USDT 3.48%; USDC 3.93% ； DAI 4.75% ；

Compound V3：USDT 4.53% ； USDC 4.48% ；

Yearn Finance：USDT 4.56% ； USDC 4.36% ; DAI 10.38% ；

Uniswap V3：USDC-USDT LP 19.01% ； DAI-USDT LP 19.13% ；

Morpho Aave：USDT 7.21% ； USDC 5.02% ;

Flux Finance： USDT 4.79%  4.89% ;

Fluid Lending USDT 4.34% ； USDC 4.30% ；

Spark：USDT 5.53% ； USDC 4.77% ； DAI 5.91% ；

Solana

Kamino Lend： USDT 2.88% ； USDC 5.28% ;

NX Finance：USDT 10.85% ； USDC 7.45% ;

Pluto：USDC 6.19% ；

Vaultka：USDT 20.83% ； USDC 16.34% 

Francium：USDT 16.49% 。

BSC

Venus Core Pool：USDT 4.83% ； USDC 5.85% ；

Wing Finance：USDC 5.92% 

Base

Aerodrome Slipstream：USDT 8.12% ；

Morpho Blue：USDC 5.47% ；

AAVE V3：USDC 4.23% 

Fluid Lending：USDC 2.35% ；

Note: The above data is from DefiLlama, dated February 28th.

3. Advanced Player Session: Dismantling the "Financial Lego" of Yield:

Yield FuturesPendle

is a decentralized protocol that allows users to split their assets into principal and yield tokens to increase yield.

With Pendle, users can split assets (such as stablecoins) into two parts: Ownership Token (OT) and Yield Token (YT), and trade them independently. For example, deposit sUSDe into Pendle's YT pool to get a yield token (PT). After expiration, PT can be exchanged back to sUSDe at a 1:1 ratio with an annualized yield of about 14%. Similarly, with USDe, you can get an annualized yield of about 16.89%.

Usual: RWA Yield Catcher

Usual is a decentralized fiat stablecoin issuer that integrates the growing tokenized real-world assets (RWAs) of entities such as BlackRock, Ondo, Mountain Protocol, M 0, Hashnote, and others into permissionless, on-chain verifiable and composable stablecoins USD 0.

Support users to deposit USDC/USDT, users will receive a 1:1 ratio of USD 0, the current annualized rate is 13% ~ 17%, according to market conditions, relatively stable.

Solayer: Eco Dividend OverlaySolayer

provides users with a double opportunity to benefit by integrating USDC and Solana chains. Users can get certain rewards by depositing USDC, and they can also participate in other potential projects in the Solana ecosystem, with multiple pools for one fish, and the current APY is around 4%.

4. The author's practical allocation plan: the asset pyramid from defense to offenseIn

the crypto field, risk management is the key. In order to ensure the diversity of investments, the following are personal stablecoin strategies, which are for reference only and do not provide any investment advice.

Defensive layer (50% of funds)

CEX current account: Binance/OKX deposit and withdrawal pools to cope with sudden liquidity

needsOn-chain subsistence: Solana ecosystem NX Finance (USDT 10.85%), Pluto (USDC 6.19%) and other unissued coin protocols, taking into account both income and airdrop expectations.

Offensive layer (30% of funds)

income combo punch: Pendle protocol internal allocation YT:OT = 7:3, USDe pool accounts for 60%, eUSDe pool accounts for 40%, dynamically balance the risk of interest rate fluctuations.

Exploratory layer (20% of funds)

blind mining: Small funds participate in liquidity mining of the new protocol, and the investment in a single project does not exceed 5% of the total position.