I’ve spent a lot of time exploring decentralized finance (DeFi) platforms. These include swaps, DEXs, and protocols. My goal was to find good opportunities for stablecoin investments.
Previously, I listed APYs for many liquidity pools and lending options in tables. However, this approach is no longer practical. APYs can change quickly due to market conditions and fluctuations in Total Value Locked (TVL). For instance, high APYs above 20% are often found in pools with low TVL. But as more liquidity is added, the APYs usually decrease.
Instead of listing every APY, I now focus on introducing the most popular platforms. Sometimes, I also highlight lesser-known DEXs, swaps, and protocols. I will share examples of notable APYs I’ve found to give you an idea of what’s possible. For example, in April and May 2024, I lent USDT at an APY of 45% to 60% for nearly a month. While rare, these opportunities can be very rewarding.
To keep the content relevant, I won’t cover all stablecoin offerings. Instead, I’ll give an overview of each platform and explain why they’re worth considering. This way, you’ll still get valuable insights without needing constant updates.
In general, it’s advisable to prioritize established stablecoins and avoid high-yield staking opportunities tied to obscure, experimental stablecoins with low market caps. Occasionally, you may still encounter attractive staking options for BUSD; however, it’s best to steer clear of these, regardless of the appealing APY. Following Binance’s cessation of support for BUSD at the end of 2023, it is only a matter of time before this stablecoin loses its peg.
Established DeFi-Platforms
I used all those sites on several occasions and never had a problem. Besides Thena Fusion and Kinza Finance they all are around from before last bullrun.
Venus Finance
Venus Finance is a decentralized finance (DeFi) platform on the Binance Smart Chain that allows users to borrow and lend cryptocurrencies. It offers a synthetic stablecoin, VAI, which can be minted using supplied collateral. The platform also provides yield farming opportunities, enabling users to earn rewards by supplying liquidity and participating in governance.
Example: You can usually lend your stablecoins for an APY between 10 and 20%. USDC in the Core Pool currently has an APY of 19.32%.
PancakeSwap
PancakeSwap is a decentralized exchange (DEX) built on the Binance Smart Chain (BSC) that allows users to trade cryptocurrencies directly from their wallets without intermediaries. It uses an automated market maker (AMM) model, where users provide liquidity to pools and earn rewards in the form of trading fees and the platform’s native token, CAKE. Additionally, PancakeSwap offers various DeFi services like yield farming, staking, lotteries, and NFT marketplaces, making it a comprehensive platform for decentralized finance activities.
Example: You can provide liquidity in the USDC/FDUSD pool and earn up to 25.91% APY at the moment.
Biswap
Biswap is a decentralized exchange on the Binance Smart Chain (BSC) that facilitates the swapping of BEP-20 tokens with low transaction fees. It features an automated market maker (AMM) model, where users can provide liquidity to pools and earn rewards in Biswap’s native token, BSW. Besides token swaps, Biswap offers additional DeFi services such as yield farming, staking, and a referral program to incentivize user participation and growth.
Example: Best APY you can get right now is the TUSD-USDT liquidity pool with 8.13% APY.
Thena Fusion
Thena Fusion is a decentralized finance (DeFi) platform operating on the Binance Smart Chain (BSC) that focuses on enhancing yield farming and liquidity provision. It offers users various strategies to optimize their returns by combining features like auto-compounding, cross-farm strategies, and liquidity mining. By leveraging smart contract technology, Thena Fusion aims to provide users with higher and more efficient yields compared to traditional DeFi platforms.
Example: Since their Binance listing it kinda got wild on Thena. They have several liquidity pairs with good APYs like USDT/USDC (17.8%), lisUSD/UDT (22.5%) or even USDT/FRAX with 67.2%. The last one has a TVL of only 21k right now so this high APY can go down quick.
NomiSwap
NomiSwap is a decentralized exchange (DEX) and automated market maker (AMM) on the Binance Smart Chain (BSC) that facilitates the trading of cryptocurrencies without the need for an intermediary. It offers features like liquidity provision, yield farming, and obviously staking, allowing users to earn rewards by participating in the ecosystem. NomiSwap aims to provide a secure, user-friendly platform with low transaction fees and high liquidity for its users.
Examples: NomiSwap is kinda like BiSwap. There is not so much going on right now and the best APY for a stablecoin pair is USDC/USDT with 7.05%.
SushiSwap
SushiSwap is a decentralized exchange (DEX) and automated market maker (AMM) built on the Ethereum blockchain that allows users to trade cryptocurrencies directly from their wallets without intermediaries. It offers additional features like yield farming, staking, and lending, enabling users to earn rewards by providing liquidity or staking SUSHI tokens. SushiSwap also supports cross-chain trading and has expanded its operations to multiple blockchains, enhancing its ecosystem’s versatility and accessibility.
DODO
DODO Swap is a decentralized exchange (DEX) and liquidity provider that operates on a proactive market maker (PMM) algorithm, which aims to provide better liquidity and price stability compared to traditional AMMs. It allows users to trade tokens with low slippage and also offers features like liquidity mining, where users can earn rewards by providing liquidity to the platform. Additionally, DODO Swap supports customizable token issuance and crowdfunding through its Initial DODO Offering (IDO) platform, making it a versatile tool for decentralized finance (DeFi) projects.
Example: They have only one stablecoin pool on the BNBChain right now but for providing USDT/USDC you get 16.07% APY.
Kinza Finance
Kinza Finance is a decentralized finance (DeFi) platform that focuses on yield optimization and automated asset management. It allows users to deposit their crypto assets into vaults, which are then strategically allocated across various DeFi protocols to maximize returns. Kinza Finance aims to simplify the process of earning passive income in the DeFi space by providing automated, high-yield strategies tailored to different risk profiles.
Examples: You can lend your USDT and USDC for around 14% APY at the moment.
New/Experimental DeFi-Platforms
The platforms featured in this section are primarily newer or experimental, straddling the line between innovation and reliability. My research did not reveal any significant concerns. Hence I feel confident in allocating a small portion of my stablecoin portfolio to these opportunities.
Wombat Exchange
Wombat Exchange is a decentralized exchange (DEX) on the Binance Smart Chain that focuses on stablecoin swaps, offering low slippage and efficient stablecoin trading. It utilizes a unique algorithm to provide optimized liquidity, reducing impermanent loss for liquidity providers. Moreover the platform supports staking and yield farming, allowing users to earn rewards by participating in its ecosystem. Wombat was one of the nine incubation projects that were selected from the Fall 2021 Edition of the Binance Incubation Program submissions.
Examples: They have some pretty decent opportunities but TVL is kinda low on most of them. But you can get APYs in the higher twenties right now.
Acryptos
Acryptos is a decentralized finance (DeFi) platform that facilitates the seamless trading and staking of cryptocurrencies. It offers users a variety of liquidity pools, allowing them to earn yields by providing liquidity to the platform. Additionally, Acryptos emphasizes security and user-friendly interfaces, making it accessible for both novice and experienced investors in the crypto space.
In case you might find this post and/or blog helpful please read this. If you want to get in contact with me just send me a mail to projectstableincome (at) proton.me.