BraveNewDeFi

@bravenewdefi

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A quick update about my State of DeFi Yields reports TL;DR: on hiatus while I'm traveling without the wallet I use to publish the newsletter. Will come up with a backup publishing method in the near future!

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Just a quick note: I'll still be publishing State of DeFi Yields, but the wallet I use to publish is a hardware wallet. I'm traveling without the wallet, atm, so I'll resume publishing when I'm back home in late May. I'll figure out a backup publishing method in the near future!

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Awesome to see Flat Money’s growth over the last 2 weeks! I’m passionate about furthering adoption of decentralized onchain money, and Flat Money’s UNIT is one to watch. I’m enjoying the 34% I’m earning on UNIT, atm. Check it out 👇

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That's why we have /nexusmutual 🛡️

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The latest issue of my State of DeFi Yields report is out!

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Thanks to @vaultsfyi for giving me an easy way to establish the DeFi base rate, provide an overview of lending markets, and highlight other protocols. If you don't follow the Vaults FYI account, you definitely should!

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I'm using a new format this week, so I can provider readers with an array of yields, while highlighting the top 5 in each category at some length. As time goes on, I'll refine the format. In the future, I'll publish some special issues to go into topics and sectors in greater depth.

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Top ETH Yields in Issue 8 1️⃣ Toros Finance Ethereum Yield Vault 2️⃣ eETH (Zircuit) Pendle Fixed Yield 3️⃣ pxETH-WETH on Aura Finance 4️⃣ uniETH (Bedrock) Pendle Fixed Yield 5️⃣ pxETH-WETH on Arrakis Finance

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Top Stablecoin Yields in Issue 8 1️⃣ @notional v3 Aura: GHO leveraged vault 2️⃣ Maverick GHO-USDC boosted pool 3️⃣ @letsgethai HAI-LUSD sLP on Velodrome 4️⃣ DOLA-fxUSD Curve LP on Convex 5️⃣ Hyperliquid's HLP Vault for USDC

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State of DeFi Yields | Issue 8 📈 This week's issue is live! I provide updates on DeFi's base rate, plus stablecoin & ETH yield opportunities using a new format—the Yield Index Read for the Top 5 stable + ETH yield opportunities 👇 https://mirror.xyz/nexusmutant.eth/x2upCQnePe6KIzSAkpPpYKrCtfGUbo79WmzGnNjta7A

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New vaults on vaults.fyi: 🏦 etherfi Liquid (Mainnet) 🏦 Compound v3 USDC (OP) 🏦 Stakewise osETH (Mainnet) Reminder that you can hit ⭐️ to favorite vaults that you'd like to keep an eye on!

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My $UNIT is worth more than 1 $rETH now. If the market pumps hard, it could be worth less than 1 $rETH. In USD terms, it should grow in value over time. As a $UNIT holder, I'm betting that volatility will net me more fees than any value I lose to the Perps Market over time. $UNIT is nice for ETH heavy portfolios 👌

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It's a new protocol, but I wanted to experiment, so I deposited 1 $rETH ahead of their public launch (because I was snooping and saw the UI was live). Their flatcoin started at 1 rETH in value and I got in before the market dropped, so I was able to offset the market risk since $UNIT is effectively short $rETH.

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Last week, @flatmoney launched on @base. It's a cool protocol, which creates a delta-neutral position between the two markets within Flat Money. To get $UNIT, you deposit $rETH and get the $UNIT flatcoin, which earns trading, funding rate, and liquidation fees. 28.8% vAPY isn't bad for the first week.

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I've been looking forward to Credit Guild's launch on Arbitrum after reading about the protocol last month. I think Kirk's marketing style is great, and while the UI is a bit rough, Credit Guild seems really refreshing and one market design w/ serious potential. https://x.com/OneTrueKirk/status/1783189340954452259

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DSR tends to anchor rates since people arb the DSR and across lending markets. Soon, the DSR will move from 13% to 10%, so we'll see if rates already reflect this or if they drop another 2-3% from here. Agree that it's strange to see stablecoin yields so high, but high yield stable opportunities driving demand 😉

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We (re)learn this lesson every bull market, it seems

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The LRTs aren't earning any actual yield besides the ETH staking yields at this point. They should effectively mirror their underlying collateral. It's not pegged, per say, but the underlying value is the asset that was deposited to mint the LRT. EigenLayer ain't earning any yield yet. It's points all the way down.

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But this also is the reason why markets like Aave v3 employ caps for certain markets. If you ignore the available liquidity, you can run into situations like we saw in Aave v2 markets when Mich's CRV-backed loan was close to liqudation and liquidity on DEXes/CEXes had dropped since CRV was listed as a collateral asset.

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Having redemptions enabled allows for arbitrage where bots can buy an LST/LRT below peg and redeem it for it's 1:1 value. This is why stETH hasn't depegged by more than 0.5% since withdrawals were enabled. Yes, low liquidity vs. high rates of ezETH integrations in lending markets was a contributing factor, no doubt.

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