Stablecoin Yield

Platform Product /
Asset(s)
Strategy Blockchain APR APY Bonus Total APY Complexity Volatility Liquidity
Curve3POOLDAI /  USDC /  USDTLiquidity PoolETH ETH0.13%0.81%0.94%1LOW1LOW$3.2B
CurveCompoundUST /  DAI /  USDC /  USDTLiquidity PoolETH ETH1.91%1.49%3.40%1LOW1LOW$132.95M
ConvexFRAX+3CRVFRAX /  DAI /  USDC /  USDTFarmETH ETH0.09%6.39%6.48%2MED2MED$2.74B
ConvexUSDN+3CRVUSDN /  DAI /  USDC /  USDTFarmETH ETH0.28%18.86%19.14%2MED3HIGH$109.9M
AAVEUSDCUSDCLendingETH ETH1.81%0.28%2.09%1LOW1LOW$3.15B
AAVEDAIDAILendingETH ETH2.26%0.34%2.60%1LOW1LOW$1.18B
YearnUSDCUSDCFarmETH ETH2.12%2.12%1LOW1LOW$294.49M
CompoundUSDCUSDCLendingETH ETH1.65%0.57%2.22%1LOW1LOW$1.52B
UniswapUSDC / USDTUSDC /  USDTLiquidity PoolETH ETH1.07%1.07%2MED1LOW$217.94M
FRAXUniswap V3 FRAX/USDCFRAX /  DAI /  USDC /  USDTFarmETH ETH7.89%31.57%39.46%3HIGH2MED$258.72M
VesperFRAXFRAXFarmETH ETH4.06%0.30%4.36%1LOW2MED$13.96M
AnchorUSTUSTLendingLUNA LUNA18.03%18.03%1LOW1LOW$19.87B
PancakeUSDT-BUSDUSDT /  BUSDFarmBNB BNB2.14%2.39%4.53%2MED3HIGH$196.22M
Trader JoeUSDC-USDC.eUSDCFarmAVAX AVAX12.91%0.64%13.55%2MED3HIGH$2.9M
RaydiumUSDT / USDCUSDT /  USDCFarmSOL SOL0.37%7.18%7.55%1LOW2MED$22.07M
SpiritSwapDAI-USDC LPDAI /  USDCFarmFTM FTM1.24%1.90%3.14%2MED3HIGH$17.84M
BlockFiInterest AccountUSDC /  BUSD /  DAI /  PAX /  GUSDCentralizedN/A7.00%7.00%1LOW1LOWN/A
CelsiusEarn AccountTUSD /  GUSD /  PAX /  USDC /  USDTCentralizedN/A7.10%2.22%9.32%1LOW1LOWN/A
CelsiusEarn AccountUSTCentralizedN/A12.01%3.86%15.87%1LOW1LOWN/A
VoyagerEarn ProgramUSDCCentralizedN/A9%9.00%1LOW1LOWN/A

This summary is a snapshot of the market as of May 4th, 2022 at 11 AM Pacific using publicly available data. The accuracy of this summary is subject to the accuracy of public data, and we have not further verified their accuracy. No guarantee of performance is expressed or implied.

The above table is not meant to be a ranking nor to be exhaustive. The scope of stablecoin products is too extensive to provide a comprehensive listing. We provide this table as a distillation of our ongoing research, and the contents and information will change over time. Inclusion of any platform or product is not an endorsement, nor is the exclusion of any platform or product a censure. This is in no way a recommendation nor representative of any Lockbox portfolio. Lockbox may have interest in some of the products listed. If you have any questions about any of the information presented or in general, please feel free to contact us.

Table Legend

Platform

The exchange or decentralized finance (DeFi) protocol providing a yield product.
Each platform provider typically offers a number of crypto-financial assets, strategies and products. There are a great number of platforms covering a wide range of risk appetites and investment philosophies. Most centralized platforms now require accredited investor status.

Product/Asset

The specific yield product name and compatible stablecoins.
There are many different stablecoins assets and a specific yield product is typically only compatible with a specific individual or set.

Strategy

Stablecoin yields generally fall into four broad categories:
Lending: Stablecoins are loaned to borrowers who pay interest to lenders
Liquidity Pool: Stablecoins are provided as liquidity for trading platforms and earn a portion of exchange fees
Centralized: Centralized exchanges often lend stablecoins to generate yield but may use other methods at their discretion including liquidity pools or arbitrage
Farm: Some decentralized platforms utilize multiple and/or layered yield strategies to diversify or improve performance

Blockchain

The yield product’s native blockchain.
Most yield products are available on a specific blockchain. Some yield products may have different versions on other blockchains. Centralized exchanges are not blockchain dependent.

Yield

Annual percentage yield (APY) is listed for products that compound automatically.
Annual percentage rate (APR) is listed for products that do not compound automatically. Most such products enable users to reinvest and compound manually, but not all.
Bonus yield is offered by some products in the form of non-stablecoin cryptocurrencies.
Total APY is an estimate of the compounded yield including any bonus.

Complexity

The difficulty in navigating and using a yield product.
Ease of use has not been a priority for many DeFi projects, and user experience can range from unintuitive to labyrinthine depending on familiarity with blockchain protocols. Highly subjective.
Centralized exchange products are generally far simpler to use.

Volatility

Potential for performance outside of expected return.
DeFi is an experimental and innovative space and investments may not perform as expected compared to traditional financial products. This assessment encapsulates a number of factors including a product’s age, performance history, popularity, reputation and community as well as financial backing to gauge the relative likelihood of performance deviations. Highly subjective.

Liquidity

Amount of stablecoin held in the yield product.
The value of assets committed to an investment product is usually a fair marker of its overall rating in the eyes of investors.

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