Degen Weekly: Stablecoin Yield Index DAO and Solana's Self-Repaying Protocol
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Degen Weekly: Stablecoin Yield Index DAO and Solana's Self-Repaying Protocol
Five early-stage project introductions.
Navigating Web3 tides with focused insightsWritten by: TechFlow intern
Degen Weekly is a new series we've launched to quickly introduce you each week to some emerging projects. Some of these projects may only have a few hundred Twitter followers—very early stage, high risk, uncertain returns—and most haven't even issued tokens yet. This content is purely for enthusiasts' analysis and research purposes and should not be taken as investment advice.
Pony Finance
Pony Finance’s native token $PONY is a multi-chain passive yield index—an interest-bearing token. Optimized through its protocol, it aims to enhance yields and generate passive income. The $PONY index allows users to access the highest-performing stablecoin vault strategies across DeFi while simply holding a single $PONY token. $PONY has no impermanent loss and is managed by traditional index methodologies, offering diversified exposure to high-quality stablecoin yields across multiple chains. Pony Finance is a DAO specifically established to support the $PONY index, with all fees generated by the index flowing into the treasury. $PONY feels like a stablecoin yield aggregator, automatically identifying and allocating assets to the chains offering the best stablecoin returns.
Zenith
Zenith Protocol is a dual-system on Ethereum consisting of an algorithmic asset (wealth) and a low-risk stablecoin. On one side, it mints ZENI—a transferable algorithmic token serving as a store of wealth. On the other, it issues ZUSD, a stablecoin pegged to $1. According to the protocol description, it implements a (-3,1,3) game mechanism.
Here’s how it works: when market prices drop, everyone's collateral ratio decreases. If your collateral ratio falls below M/F (Market Price / Floor Price—where Market Price is the instant price to buy/sell ZENI in Zenith-AMM, and Floor Price is the price triggered during buybacks funded by transaction fees), you earn extra rewards but also face liquidation risk due to falling prices. Upon liquidation, your ZENI is burned, and opZENI is rewarded to those still active with collateral ratios below M/F. While confidence in algorithmic stablecoins has been shaken recently, they remain foundational infrastructure in DeFi. Even if this project currently faces high odds of failure, its mechanism could still provide valuable insights for future algorithmic stablecoin designs.
WhitelistPing
WhitelistPing is a project created by NFTLlama, serving as an NFT utility tool. It enables users to receive SMS or email notifications about upcoming NFT mints before they go live. For NFT enthusiasts and frequent minters, this feature offers significant value. Currently, the project is still in whitelist phase.
CalciferFi
Calcifer Finance's self-repaying loan system works as follows: you deposit USDC, and the protocol deposits your funds into a yield-generating farm. Then, you receive all future earnings upfront in the form of synthetic dollar loans called calUSD. With Calcifer Finance, you can borrow up to 50% of your deposited collateral in calUSD, with zero liquidation risk. This model is quite interesting—the core idea being using future yield to eliminate liquidation risk. The USDC-backed lending service is already live, offering an APY of 3.73%.
Across
Across is a cross-chain bridging protocol built on Optimistic Rollup technology, enabling near-instant transactions between chains using Optimistic oracles, bonded relayers, and one-sided liquidity pools. Across allows users to transfer tokens between chains via a decentralized relay network, where relayers are compensated from unified liquidity pools on their chosen destination chain. As of now, Across has not released its token, so there’s potential for airdrop farming. Users are encouraged to perform a cross-chain transfer first—Across currently supports ETH, Arbitrum, Optimism, Boba, and Polygon ecosystems (refer to the official site for detailed token lists)—and then provide liquidity in the pools to stake and participate.
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