Stablecoins earning interest are being widely adopted. Currently, one stable and popular method is to buy US Treasury bonds to earn stablecoin interest, while another approach involves basis trading for stablecoins, and then leveraging DeFi lending to act as a yield booster.

In May, I marked Pantera's invested stablecoin yield protocol, Multipli. I always intended to compile data, but I ended up dragging it out until today...

Multipli mainly relies on arbitraging funding fees in CEX to generate interest for stablecoins, supporting users to deposit USDT, USDC, and WBTC on Ethereum and BSC. It is important to note that withdrawals take 7-10 days.

- TVL is over $60 million, primarily consisting of Ethereum USDC, mostly deposited between February and May. After May, TVL growth has been quite slow due to relatively low yields, currently around 5%.

- WBTC has a hard cap of $5 million, and 44 WBTC have already been fully deposited; USDC and USDT still have available limits.

- There are approximately 10,500 cumulative depositors, with more withdrawals than deposits in the last two to three months.

- Why are there more withdrawers, yet TVL remains relatively unchanged? Because the top four depositors have net deposits exceeding $13 million each, totaling a net deposit of $58.8 million, accounting for nearly 90% of the total TVL, which seems a bit exaggerated. Perhaps the project team doesn't know where to find the money to support their operations...