If you can't grab the circulating loan supply pools of Aave's sUSDe, USDe, or eUSDe, you might consider doing circulating loan strategies on TON, as Ethena has started offering a 10% Boost APY for TON DeFi.
On 7/30, Ethena launched a four-week 10% Boost APY, is it using official subsidies to make up for the lack of Pendle PT yields on TON?
Incentive cap: 10,000 tsUSDe
Cooperation agreements: StonFi, Fiva, EVAA, Affluent
Event time: 7/30~8/27
Reward distribution: issued within 96 hours, calculated weekly
* Boost APY will only be obtained after completing TON ID authentication
How to do circulating loans? What are the yields?
1. EVAA:
Deposit tsUSDe into EVAA, borrow USDT, buy or stake to become tsUSDe, and deposit again.
Get 10% APY + 5x Ethena Point, the official directly calculates that the maximum circular loan can achieve 54% APY.
2. Affluent:
Use USDT, USDe, tsUSDe to deposit into Affluent's Ethena Multiply Vault, the vault manager automatically completes the circulating loan operation, suitable for users who do not want to monitor interest rates and adjust positions themselves.
Get 31.44% APY + 7% Ethena Point, but there is a management fee of 0.5% for the vault.
It should be noted that there are protocol risks and liquidity risks.
EVAA is the largest lending protocol on TON, invested by TON Ventures and Animoca.
Affluent is the second largest lending protocol on TON, invested by TVM Ventures, founded by Justin Hyun, a former director of the TON Foundation.
What if I don't want to do circulating loans?
Staking USDe in TON Space and holding tsUSDe also has a 10% Boost APY, with a cap of 10,000 tsUSDe, this was launched earlier, detailed rules can be found in my article published on 6/1.
If you simply hold, it is 10.86% native APY + 10% Boost APY = 20% APY
What other yield strategies are there for tsUSDe?
Binance Wallet has launched the TONStakers financial activity these days, you can deposit tsUSDe into EVAA, borrow TON and transfer to Binance Wallet to participate in the activity.
Yield: 10% tsUSDe APY + 5x Ethena Points + 20.83% TONStakers APY
The advantage of this method is that the TON lending rate on EVAA is extremely low, only 1.1%, and you can also earn EVAA XP.
Summary
If you can't seize the circulating loan opportunities of Ethereum's Ethena + Pendle + Aave in the short term, you can try the Boost APY on TON, these activities will roughly end by the end of August, which can be considered a short-term high-yield opportunity.
The liquidity risk of tsUSDe should be relatively low, as this is a liquidity token (staking certificate) supported by the Ethena official, and I personally believe that more attention should be paid to protocol risks, please assess on your own.
Currently, it is equivalent to Ethena and TON using subsidies to make the circulating loan strategy run, I wonder if Pendle will support the TON ecosystem after the event ends to continue the circulating loan strategies?
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※ Ethena code:
eu54u
※ The above content does not constitute investment advice, please operate according to your own risk tolerance, DYOR and participate in the investment market cautiously.
※ The attached images are from EVAA, Affluent, Ethena
