Stablecoin $USDN issuer Noble announces the end of the first season points program from 3/5 to 8/5, and is preparing to issue tokens and allocate 5% of tokens to first-season points users.
In addition, the stablecoin high-yield pool that steadily provides 12-15% in the first season will be launched again.
The second season will expand to HyperLiquid, and first-season users will receive 2x points bonus.
According to the announcement, Noble plans to deploy user funds to HyperEVM in a treasury model, including: HyperrFi, Hyperbeat, Hyperlend.
Current $USDN staked in the points pool, if continued to be staked until the new pool is launched, will retain the 2x points bonus.
The author suggests: The launch time of the new pool is unknown, and the opportunity cost of idle funds should be considered. It is recommended to observe the return rate of the first season airdrop.
A high-yield pool will be launched again, scheduled to go live simultaneously with AppLayer.
During the first season, the yield remained stable at 12-15%, and there will be a yield pool that soars to over 17% before the end of the points.
According to the announcement, the high-yield pool in the second season is mainly based on the lending yields from AppLayer. The author judges that it is unlikely to be as high as the interest rates in the first season.
$USDN yield: 4% U.S. Treasury rate + lending rate = final rate. This means the lending rate needs to exceed 8% to achieve the interest rate of the first season.
The author suggests: Pay attention to the overall ecosystem's usage rate and borrowing rates after the AppLayer launch, and then evaluate whether to stake in the high-yield pool of the second season.
*The high-yield pool in the first season was achieved by separating the points pool and the yield pool, allowing points pool users (about 90% of users) to forgo U.S. Treasury yields for the benefit of yield pool users, thus pushing the high yield of the yield pool to a stable 12-15%.
What is the expected yield for the second season? Is it still necessary to participate?
The first season is confirmed to be 5%, while the second season is 2%-5%.
The second season will determine the final token allocation based on $USDN TVL, as shown in the figure below:
Since the highest record of supply in the first season is 127M, in other words, the airdrop for the second season is highly likely to be 3%.
The author suggests: Focus on the yield rate of the first season, as the market will determine whether to keep funds for the second season or exit. In the last week of the first season, the total supply dropped to 90M (about 20M in the yield pool, about 70M in the points pool), indicating that current users are cautious. Unless the reward rate is good, it is unlikely they will reinvest.
Summary
For users like me who do not wish to be bound by airdropped points for too long, I must commend Noble for controlling the points program within six months and issuing tokens. (Although it was delayed by a month)
The author believes that $NOBLE has the opportunity for explosive yields, after all, it raised $18.3 million in the seed and Series A rounds, with investment institutions including industry giants Polychain and Paradigm, and also supported by market maker Wintermute.
Personally, I am not very optimistic about the second season. Aside from the aforementioned reasons, the current flow of stablecoins continues to flow into the Ethena ecosystem. Although the Noble AppLayer will incorporate EVM ecology to expand the market, the basic yield of U.S. Treasury-type stablecoins is very fixed. Therefore, Noble needs to work on the second layer's yields to possibly provide returns better than the market average.
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※The above content does not constitute investment advice. Users should operate according to their own risk tolerance. DYOR and participate in the investment market cautiously.
※The attached image is sourced from Noble
