Lazy Person's Guide to Financial Management: Ethena and Perena Kick Off New Seasons, Stablecoin Sector Unveils Dark Horse
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Lazy Person's Guide to Financial Management: Ethena and Perena Kick Off New Seasons, Stablecoin Sector Unveils Dark Horse
Always keep in mind the core principle: "Seek higher returns, but prioritize free points."
Navigating Web3 tides with focused insightsBy Azuma
This column aims to cover relatively low-risk yield strategies (Odaily note: systemic risks can never be entirely eliminated) currently available in the market, focusing primarily on stablecoins (and their derivative tokens), helping users who wish to grow their capital through U-denominated wealth management find more ideal income-generating opportunities.
Base Rates
Odaily note: Base rates currently include single-asset financial products offered by major CEXs, as well as deposit and market-making schemes in mainstream DeFi such as lending, DEX LP, and RWA.
There are two key points to highlight in this week's base rate section.
First, Binance’s LaunchPad/LaunchPool (including Binance Wallet new token offerings). Recently, Binance has clearly stepped up its efforts—last week saw Nillion (NIL) launch on LaunchPool, while Bedrock (BR) was introduced via Wallet. Given the improving market sentiment, under ideal conditions, the estimated annualized yield for this round’s USDC pool on LaunchPool (the FDUSD pool offers even higher returns) could exceed 15% (calculated based on a $1B FDV; actual figures may fluctuate since NIL hasn’t yet gone live). Additionally, per-lot profits from Wallet new token offerings surpassed 100 U. These are guaranteed small gains—definitely worth participating in.
The second point is still Meteora. Last week, the Meteora team officially released two governance proposals regarding the MET token:
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The first proposal increases liquidity providers’ (LPs) token allocation from 10% to 15% of the total supply and adds an extra 3% of the total supply for participants in Launch Pools and Launch Pads.
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The second proposal allocates 20% of the total token supply to the team with a 6-year lock-up period, and further sets aside 2% from the team’s portion to be distributed to M3M3 stakeholders.
Lost community trust can only be regained through vision and integrity—I’m inclined to give them another chance. Strategically, consider the current FDUSD-incentivized FDUSD-USDC pool (7.32% APY, simultaneously earning Meteora points).
Pendle Zone
Starting with fixed income, here is the real-time ranking of PT yields across major stablecoin pools within Pendle across leading ecosystems (Ethereum mainnet, Base, Arbitrum, BNB Chain):
Regarding LP opportunities, the most important update this week is that Ethena Season 3 has ended (airdrop claims will open in the first week of April), but Ethena has simultaneously launched Season 4, which will run for six months. Incentive programs for eligible pools remain unchanged. From a pure points-efficiency perspective, consider the USDe pool expiring on July 31 (up to 10.83% APY, 60x Ethena points boost) and the eUSDe pool expiring on May 29 (up to 7.59% APY, 50x Ethena points boost plus 1.6x Ethreal points boost).
In addition, other LP pools worth considering include Level’s lvlUSD pool (discussed in detail below), which recently completed a new funding round, and Astherus USDF (up to 16.82% APY, 35x points boost) and asUSDF pool (up to 13.19% APY, 25x points boost), both of which CZ interacted with over the weekend on X.
Always remember: the purpose of depositing into Pendle LPs is not just to earn yield, but also to "freeroll points." The value of these points depends on the project’s potential, so focus on projects with compelling narratives.
Other Opportunities
Continuing with Level mentioned earlier—the project recently closed a $2.6 million funding round led by Dragonfly, with participation from Polychain and others.
Level has now launched a points program. Points can be accumulated through holding, staking (6.86%), or providing market-making liquidity on platforms like Pendle (lvlUSD pool offering up to 13.79% APY, 40x points boost). At the time of writing, total user count stands at only 12,438—backed by strong investors, minimal competition, showing early signs of a major airdrop opportunity.
Another project to watch is Perena, founded by Anna Yuan, former stablecoin lead at the Solana Foundation. Last week, Perena opened a new season (Pre-Season) of its points campaign. Currently, there are three main ways to accumulate points ("Petals"):
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Trading (capped at 5 trades per day): Not recommended to farm actively—just use it normally;
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Protocol-native LP: Offers varying boosts based on deposit duration (up to 3x with a 60-day requirement), though LP yields are relatively low;
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LP on RateX or Exponent: Think of them as Solana’s version of Pendle, offering comparatively higher LP yields; boost multipliers are currently unclear.
Personally, I recommend the third path, especially since RateX and Exponent themselves have some airdrop expectations.
Finally, Backpack launched its own points program last week. If you regularly need stablecoin swaps, besides Perena, this is another viable channel. For those open to hedging strategies, consider using SOL to participate in Meteora’s JITOSOL-SOL pool (9.64%) or Fragmetric staking (8.05%), while shorting an equivalent amount of SOL on Backpack—earning yield while farming points across multiple platforms simultaneously.
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