Stablecoin mining yield comparison, with the highest annualized rate reaching 70.4%.

As the market warms up and volatility increases, the demand for stablecoins is rising. In the field of DeFi, opportunities to participate in liquidity mining with stablecoins are also increasing. This article summarizes several ways for readers to earn returns through stablecoin mining, with an Annual Percentage Rate of up to 70.4%. The following data is as of November 23.

A decentralized exchange

Trading Pair: GHO-USDC Annual Percentage Rate 70.4%

This is a decentralized exchange supported by well-known institutions. GHO is a stablecoin issued by over-collateralizing positions in a certain lending platform. Due to the lack of application scenarios, the price of GHO has remained below 1 dollar for a long time, prompting the lending platform to take a series of measures to incentivize GHO's Liquidity in hopes of bringing the price back to 1 dollar.

The GHO-USDC pool with the highest liquidity on this exchange adopts a static model, with a liquidity of 2.6 million USD. It distributes 5,000 GHO incentives to the pool daily, with a mining Annual Percentage Rate of 67.11%, and an Annual Percentage Rate generated from trading fees of 3.29%, totaling 70.4%.

In addition, the exchange also has a GHO-USDC pool that adopts a bidirectional model, where liquidity will fluctuate with the price of GHO. The liquidity of this pool is $1.04 million, with a mining Annual Percentage Rate of 47.89%, and an Annual Percentage Rate generated from trading fees of 18.65%, totaling 66.54%.

DEX on Optimism

Trading Pair: USDV/USDC Annual Percentage Rate 32.35%

USDV is a special stablecoin with its underlying asset being STBT, issued by a certain company through a special purpose vehicle structure. The underlying asset of STBT is U.S. Treasury bonds, but it is only available for accredited investors. USDV appears as a token compatible with the ERC-20 standard, built on cross-chain standards, solving the issues of unofficial wrapped/bridged versions and liquidity fragmentation.

USDV is the first stablecoin that rewards "validator minters" based on the contribution of tokens in active circulation. It uses a color tracking algorithm to assign a unique "color" to each stablecoin, allocating earnings to minters by tracking the minting volume and total supply of various colored tokens.

On this DEX, the USDV/USDC trading pair has a liquidity of $1.66 million, with an Annual Percentage Rate of 32.35%.

Canto

Trading Pair: cNOTE / USDC Annual Percentage Rate 22.43%

Canto is transitioning from a general blockchain platform and DeFi ecosystem to blockchain solutions customized for physical assets. cNOTE is issued in this context.

NOTE is the accounting unit in Canto, minted with over-collateralization using USDC and USDT. Users can provide NOTE deposits to the Canto lending market to receive the deposit token cNOTE. Due to the existence of deposit interest, the exchange rate of cNOTE relative to NOTE will continue to increase.

Currently, the liquidity of the cNOTE/USDC trading pair on Canto is $4.41 million, with an Annual Percentage Rate of 22.42%. Users can directly purchase NOTE and deposit to obtain cNOTE, providing liquidity together with USDC; or they can mortgage USDC or USDT to mint NOTE themselves for subsequent operations.

DEX on a certain Sui public chain

Trading Pair: USDT/USDC Annual Percentage Rate 20.49%

This is the leading DEX on the Sui public chain. The USDT and USDC here are cross-chain transferred from Ethereum via a bridge. Users can also purchase the cross-chain version of USDC on DEXs on other chains and then transfer it to Sui.

This trading pair has a liquidity of 39.23 million USD on this DEX. It should be noted that this DEX allows for concentrated liquidity, and to obtain higher returns, liquidity providers typically concentrate liquidity within a narrower range. If the price of USDC/USDT fluctuates, it may be necessary to adjust strategies.

The main reward is the SUI tokens allocated by the Sui public chain. Similarly, SUI rewards can also be obtained in other DEXs of Sui.

DEX on Aptos

Trading Pair: MOD/USDC Annual Percentage Rate 20.53%

This is the leading DEX on Aptos, developing products such as DEX, stablecoin, Liquidity Staking, and Launchpad. MOD is the stablecoin that is over-collateralized for minting and can also be directly exchanged and redeemed with USDC through the anchoring stable module, with a fee of 0.25%.

The MOD/USDC pool of this DEX has a liquidity of 2.97 million USD, with an Annual Percentage Rate of 20.5%. However, it is important to note that the acquired MOD will take one month to unlock.

A certain decentralized market-making protocol

Trading Pair: USCT/USDC Annual Percentage Rate 27.72%

This is a decentralized and algorithm-driven market-making protocol, whose trustless algorithmic model allows a wide range of participants to provide liquidity for trading pairs on decentralized and centralized platforms.

The USDT/USDC spot trading pair on this protocol currently has an Annual Percentage Rate of 27.72%, with a liquidity of only $90,000. However, 15% of the Annual Percentage Rate comes from rewards of a certain token, calculated together with all trading pairs, meaning that increasing the liquidity of this trading pair will not significantly dilute this portion of the rewards, while the remaining rewards are locked in a certain token.

The project was previously financed at a valuation of 100 million USD, and has not issued any coins yet; early usage may provide an airdrop opportunity.

A DeFi project

Trading Pair: BUSD/3Crv Annual Percentage Rate 45.31%

This is a familiar DeFi project, involving BUSD, DAI, USDT, and USDC, which are also common stablecoins.

Users can provide liquidity in one or more of BUSD, DAI, USDT, or USDC on a certain DEX, and then stake the liquidity tokens in the project to earn rewards. The liquidity for this trading pair is $236,000, and the rewards are mainly a certain token, with a small amount of other tokens and transaction fees. However, it should be noted that support for BUSD will end in February 2024.