Circular lending can be considered a relatively difficult stablecoin strategy to manage, and if you're not careful, you might end up losing to wear and tear.
Here are a few circular lending opportunities that I currently find to be relatively stable and offer good returns 💰
The APY is around 30% - 80% 🧵👇
2/🧵The first one is $USDF from @FalconStable.
USDF is a stablecoin created by the DWF team, backed by a market-neutral arbitrage strategy, with a base yield of about 12%.
Currently, PT-SUSDF on @pendle_fi can be used as collateral to borrow USDC on @eulerfinance.
The PT yield is 15%, and the USDC interest is 9.7%.
➡️ With full leverage, the APY goes directly to 59%.
3/🧵 接著是 @ResolvLabs 的 $RLP
$RLP 背後是資金費率套利，最近 7 天的年化一度高達 27%！
📌進取玩法：直接拿 $RLP到 @MorphoLabs 抵押，用 13% 利息借 $USDC。
➡️ 5 倍槓桿，APY 直接衝上 83%！
📌保守玩法：用 @pendle_fi 的 PT-RLP (鎖定 17.8% 收益) 去抵押。
➡️ 槓桿後 APY 也有 46%～
4/🧵The next one is $iUSD from @0xinfini.
The principle of Infini is quite simple; users can choose different staking periods to earn DeFi yields, somewhat like a bank's fixed deposit. Currently, the TVL is 60M, and it also operates its own points system.
We can utilize the PT-iUSD on @pendle_fi to lock in a 14% yield, and then borrow USDC at an 8.4% interest rate on @MorphoLabs.
➡️ After 5x leverage, the annual return is 36%.
5/🧵最後是 @ethena_labs 的Usde
最近Ethena 幣價勢頭很強，usde 的總供應量突破6.2B。 @pendle_fi PT-sUSDe (9月份到期日)收益12%，在 @MorphoLabs 上可以借出DAI，利息6.7%。
➡️ 5倍槓桿後年化33%
6/🧵 Just a reminder, the strategies mentioned above all carry risks, such as interest rate fluctuations and stablecoin price decoupling, so make sure to do your research before participating.~
It took me longer than I expected to consolidate this article, and if you find the content useful, I hope everyone can give it a like and help share it out. 👍
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