U-margined "Lie to Earn" Strategy: Full Analysis of CEX Stablecoin Wealth Management vs On-Chain Interest-Bearing Protocol

1. Centralized Exchange (CEX): A novice-friendly "brainless financial management" solution

Take Binance, OKX, Gate.io, and Bitget (February 28) as examples:

Binance: USDT single-currency savings real-time interest rate is tentatively quoted at 2.4%, Tier 1 (0-500 USDT) APR is tentatively quoted at 7%, Tier 2 (500-5000 USDT) APR has an additional 2% APR, and the estimated APR is 1.9% ~ 9.4%;

USDC single-currency savings real-time interest rate is tentatively quoted at 1.63%, Tier 1 (0-500 USDC) APR is tentatively quoted at 10%, Tier 2 (500-10, 000 USDC) APR has a 3% markup, and the estimated APR is 11.62%;

The real-time annual interest rate of FDUSD single-currency wealth management is tentatively quoted at 1.43%, and the annual interest rate of Tiered 1 (0-400 FDUSD) is tentatively quoted at 8%, with a minimum investment of 0.1.

OKX: USDT single-currency earning real-time interest rate is temporarily quoted at 5%, USDC single-currency earning real-time annual interest rate is tentatively quoted at 5%, with a minimum investment rate of 0.01.

Gate.io: USDT Single-Currency Earning Real-time Interest Rate is 3.96%, and 10% Extra Reward, the same value of $GT will be rewarded, the tiered APR will change with the number of days saved, 2.89% for 3 days, 3.42% for 7 days, 3.68% for 14 days, minimum 1 investment; USDC single-currency savings are tentatively quoted at 5%, with a minimum investment of 1.5%.

Bitget: USDT single-currency savings are tentatively quoted at 5.96%, with an additional 8% bonus in 0 - 500 USDT.

The CEX product is easy to operate, flexible in deposit and withdrawal, and beginner-friendly, and the interest rate of Binance/OKX demand products is similar, Gate.io USDT 3.9% APY + 10% GT additional rewards.

2. On-chain basic lending: "fixed deposits" in the DeFi world

On-chain mainstream lending (based on the base rate on February 28) as an example:

Ethereum

Aave V3：USDT 3.48% ； USDC 3.93% ； DAI 4.75% ；

Compound V3：USDT 4.53% ； USDC 4.48% ；

Yearn Finance：USDT 4.56% ； USDC 4.36% ; DAI 10.38% ；

Uniswap V3：USDC-USDT LP 19.01% ； DAI-USDT LP 19.13% ；

Morpho Aave：USDT 7.21% ； USDC 5.02% ;

Flux Finance： USDT 4.79%  4.89% ;

Fluid Lending USDT 4.34% ； USDC 4.30% ；

Spark：USDT 5.53% ； USDC 4.77% ； DAI 5.91% ；

Solana

Kamino Lend： USDT 2.88% ； USDC 5.28% ;

NX Finance：USDT 10.85% ； USDC 7.45% ;

Pluto：USDC 6.19% ；

Vaultka：USDT 20.83% ； USDC 16.34%

Francium：USDT 16.49% 。

BSC

Venus Core Pool：USDT 4.83% ； USDC 5.85% ；

Wing Finance：USDC 5.92%

Base

Aerodrome Slipstream：USDT 8.12% ；

Morpho Blue：USDC 5.47% ；

AAVE V3：USDC 4.23%

Fluid Lending：USDC 2.35% ；

Note: The above data is from DefiLlama, dated February 28th.

3. Advanced Gamer Session: Dismantling the "Financial Lego" of Earnings

Pendle: Yield Futures

Pendle is a decentralized protocol that allows users to split their assets into principal and yield tokens, increasing yields.

With Pendle, users can split assets (such as stablecoins) into two parts: Ownership Token (OT) and Yield Token (YT), and trade them independently. For example, deposit sUSDe into Pendle's YT pool to get a yield token (PT). After expiration, PT can be exchanged back to sUSDe at a 1:1 ratio with an annualized yield of about 14%. Similarly, with USDe, you can get an annualized yield of about 16.89%.

Usual: RWA Revenue Catcher

Usual is a decentralized fiat stablecoin issuer that integrates the growing tokenized real-world assets (RWAs) of entities such as BlackRock, Ondo, Mountain Protocol, M 0, Hashnote, and others into a permissionless, on-chain verifiable, and composable stablecoin USD 0.

Support users to deposit USDC/USDT, users will receive a 1:1 ratio of USD 0, the current annualized rate is 13% ~ 17%, according to market conditions, relatively stable.

Solayer: Ecological Dividend Overlay

By integrating USDC and Solana chains, Solayer offers users an opportunity to double their benefits. Users can get certain rewards by depositing USDC, and they can also participate in other potential projects in the Solana ecosystem, with multiple pools for one fish, and the current APY is around 4%.

4. The author's actual combat allocation plan: the asset pyramid from defense to offense

In the crypto space, risk management is key. In order to ensure the diversity of investments, the following are personal stablecoin strategies, which are for reference only and do not provide any investment advice.

Defensive (50% bankroll)

CEX Savings Deck: Binance/OKX deposit-and-withdraw pools to meet sudden liquidity needs

On-chain subsecurity: Solana-based protocols such as NX Finance (USDT 10.85%) and Pluto (USDC 6.19%), taking into account both revenue and airdrop expectations.

Offensive Layer (30% Bankroll)

Earnings Portfolio: Pendle protocol internal allocation YT:OT = 7:3, USDe pool accounts for 60%, eUSDe pool accounts for 40%, dynamically balances the risk of interest rate fluctuations.

Exploratory Layer (20% Funds)

Blind mining: Small funds participate in liquidity mining of the new protocol, and the investment in a single project does not exceed 5% of the total position.