In addition to PayPal, what other projects are spending money?

With the market value of PayPal USD (PYUSD), a stablecoin launched by Paypal and issued by Paxos, exceeding the $1 billion mark, the stablecoin supported by the giant PayPal has increased its market value by 327% compared to the beginning of 2024.

Such a huge increase has triggered extensive discussions in the community. The reason for this is that the rapid growth of PYUSD issuance is mainly due to the high incentive strategy recently launched by PYUSD. According to the author's estimate based on the current on-chain TVL and APY of PYUSD, the interest paid to users by PYUSD incentive activities exceeds $6.5 million per month.

As of the time of posting, the APY yield of PYUSD on the DeFi protocol on the Solana chain is generally higher than 13%. Take Kamino, the largest lending platform of Solana, as an example, 470 million PYUSD enjoys an annualized return of 13.24%, while another lending platform Marginfi has an APY return of 13.46%. Such generous rewards also allowed PYUSD on the Solana chain to surpass the Ethereum chain in mid-August and become the largest issuance platform of PYUSD.

The actual source of PYUSD's high APY is highly controversial in the community. Some community members believe that the Solana Foundation pays incentive fees to promote users to use Sol chain's PYUSD. The core members of the Solana community, Helius founder Mert and Multicoin managing partner Kyle, have made it clear that the Solana Foundation did not pay any incentives, and all PYUSD incentives came from PayPal.

The crypto market has a characteristic: everyone is talking about how to make money and how much money others have made, but few people talk about how to control drawdowns, how to deal with the stablecoins earned, and how to have a more reasonable cash flow.

Therefore, Rhythm also sorted out some APY projects that have received high attention from the community in recent times, mainly stablecoins, in addition to PYUSD, and explained the corresponding sources of income.The main source of DeFi is the subsidy of the protocol's own tokens. CEX's financial management projects come from the cooperative subsidies between CEX and the project. Among them, the highest-yielding activity has an APY of up to 200%. Although it has ended temporarily, the idea can still be used as a reference.

USDC-Sui

As a popular Sol Killer in recent times, in addition to technological development, Sui has never stopped promoting the development of DeFi on its own network. As the largest lending platform on the Sui network, USDC on NAVI currently has a TVL of over 100 million US dollars and provides an APY income of 13.89%. Similarly, most of the income comes from Sui's incentives to users.

Since the current entry and exit of the USDC network requires cross-chain methods such as Wormhole, and Wormhole has performance limitations on cross-chain. If users want to participate in the Sui network, they need to plan their time reasonably and leave time margin.

Bybit-USDE

As previously reported by Rhythm, on July 30, Ethena Labs announced that starting from August 2, all Bybit users only need to hold USDe in their Bybit accounts or use USDe as collateral to participate in derivatives transactions to earn up to 20% APY income, paid daily......

As of today's posting, Bybit's USDe income APY is 12.25%, which is still competitive. However, according to the announcement of the event, the total prize pool of this event is 3.3 million USDe. If users still want to participate in USDe activities, they should reasonably estimate the time when the activity will stop to avoid concentrated sales after the activity stops, which may cause potential slippage of USDe.

Aave GHO

Aave, one of the benchmarks of DeFi protocols, is also providing incentive subsidies for its stablecoin GHO. The incentive plan has increased GHO's APY to more than 20%. Currently, there are about 78 million GHO staked in it.

After staking GHO, users need to claim this part of the incentive reward on the merit interface built by the community.

However, it is worth noting that the unlocking period of GHO staked in the protocol is 20 days, which makes GHO's liquidity less flexible than other protocols.

Binance-TON

Binance Launchpool not only launched Toncoin, but also launched a series of financial management activities related to TON. The most notable of these is the Super Earn event that has ended. The event provided TON holders with a high annualized APY of 300%, even if each user only deposited a maximum of 1,350 TONs and the event market was 20 days. But the expected return is also more than 200 TON. Super Earn reached the subscription limit within a few minutes after it was opened.

Since the activity requires non-stable coins to be deposited, in order not to be affected by the rise and fall of tokens. Users can pledge stable coins on CEX to borrow TON, and they can get this APY without considering the rise and fall of TON. If you are a DeFi Degen, you can pledge USDT on the TON network to borrow TON. In this case, you don’t even need to pay the borrowing APY, because USDT’s APY is higher. This method can be widely used in scenarios that require non-stable coins.

The above summarizes some of the ways to achieve stable financial management that are highly discussed in the community. As for ways to earn higher APY returns, such as DeFi’s second pool and the airdrop gameplay of the Mao Studio, whether it is the stability of the returns, the source of the returns or the time of redemption, they are uncertain and have not been involved yet.

By continuously searching for risk-free returns like this, any user familiar with cryptocurrencies will have the opportunity to participate and enter a "Fire"-like state where income covers daily expenses. I hope that this basic stablecoin APY income strategy will allow everyone to have the last piece of land for themselves while facing the anxiety of the myth of getting rich quickly.

This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Invest at your own risk.