Solana offers some top protocols for passive Stablecoin Income. We take a closer look at these options in a 2-part series. This is Part 1.
In this article, I will look at some of the best passive stablecoin income options on Solana. This is Part 1 of a 2-part series.
Solana offers plenty of different passive stablecoin income options. Here are a couple of the current best available options.
You can earn 8.16% on the $USDC Genesis vault on Loopscale. This is good yield for a stablecoin. The vault has a $10 million limit and currently almost $7.5 million are already supplied. So, here’s a guide.
The risk. Loopscale $USDC vaults were hacked two weeks after they launched in early April. This was to the tune of $5.8 million, or 12% of its TVL at the time being. In turn, withdrawals and new deposits were temporarily halted.
Source: Loopscale
Trade Neutral has its Hyper JLP vault. Trade Neutral offers various high-yield strategies. It does this by hedging $JLP (Jupiter Liquidity Provider) exposure. APY in this vault can go as high as 50%. So, this is a great passive stablecoin income strategy. It works by swapping $USDC into $JLP. However, it uses the $JLP now as collateral and opens short positions with it. This is the hedge to cover market risks.
The risk. There’s an increased risk with high yields. Market volatility plays a role, and also smart contract risks. You can reduce the risk with a hedge strategy. However, this doesn’t eliminate the risk.
Source: Trade Neutral
With RateX you can take part in yield farming. You do this with their synthetic stablecoins $USD*. Currently, RateX also has an extra $10,000 incentive. As a result, yields are above 16%. Furthermore, you can farm points on various protocols. This can get you in a better position for some potential airdrops.
The risk. These are cross-protocol strategies and thus have more risks. Synthetic assets also bring extra risk because they can depeg. There’s also the smart contract exploit risk.
Source: RateX
This is Part 1 of a 2-part series about passive stablecoin income strategies on Solana. We covered 3 strategies. Furthermore, we look at the risks for each strategy. We discuss more strategies in Part 2.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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