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Face Washing Attack, Which Stablecoin Yield Pools Are Safe Havens Now?
原文标题：Best Stablecoin Farming Opportunities
原文作者：Charlie
原文编译：深潮 TechFlow
在当前的市场环境下，利用稳定币获得收益是应对挑战并实现增长的有效方式之一。本文将介绍一些经过风险调整后值得关注的收益机会（排名不分先后）。
HLP (Hyperliquidity Provider)
目前，Hyperliquid 平台的 Hyperliquidity Provider (HLP) 金库提供 18.61% 的收益率，是一个持续稳定的回报来源。根据官方描述，HLP 通过多种做市策略为 Hyperliquid 提供流动性，同时执行清算操作并积累平台交易费用。
需要注意的是，HLP 的收益表现通常不均衡。在较长时间内，收益可能保持平稳或略有增长，但在清算事件期间，往往会出现显著的单日回报：
然而，由于 HLP 的操作机制较为封闭，存款人完全依赖于 Hyperliquid 团队的专业能力，因此存在一定的「黑天鹅风险」（即极端事件可能导致的潜在损失）。不过，值得信赖的是，数据显示，交易者平均亏损，因此从长期来看，HLP 金库可能具备持续盈利能力。此外，存款人需要注意，资金存入 HLP 后需锁定 4 天才能提取。
Sky Money
Sky Money 是 MakerDAO 的全新品牌，目前为稳定币存款者提供了以下两种选择：
· 存入奖励金库 (Rewards Vault) 可获得 8.52% 的收益，以 SKY 形式支付。
· 存入储蓄金库 (Savings Vault) 可获得 6.5% 的收益，以 USDS 形式支付（这也是新的 DAI 储蓄利率）。
相比之下，奖励金库的高收益显然更具吸引力，且两种选择的风险水平相当。存入奖励金库的存款人还可以积累 SKY 代币，我们认为 SKY 当前被市场低估。如果选择持有并积累 SKY，而不是简单地「挖矿即卖出」，可能会为名义收益率带来额外的增长潜力。
Ethereal
Ethereal 是一个去中心化的永续合约交易平台，与 Ethena 团队关系密切，并得到了他们的支持。据悉，该平台将上线于「Ethena Network」，成为 Ethena 团队用以对冲现货多头仓位的工具，从而减少资金流向中心化交易所 (CEX)。
目前，Ethereal 正在开展一项名为「Season Zero」的积分活动，存入 USDe 的用户可以积累 Ethereal 积分，并获得 30 倍的 Ethena 奖励（具体基准尚不清楚，但可以假设部分 $ENA 代币将奖励给存款者）。
目前这一机会的年化收益率 (APR) 尚未明确，我预计可能会在 15%-20% 之间，具体取决于 Ethereal 代币的发行价格。由于收益信息不够透明，从机会成本的角度来看，这可能存在一定风险。但无论如何，我认为这是稳定币收益组合中值得关注的一个机会。
AO
AO 对许多市场参与者来说仍是一个低调的项目。我们实际上早在 2024 年 5 月就对此进行了报道。AO 长期以来一直运行类似预存款的挖矿活动，但随着最近代币生成事件的完成，其年化收益率已得以确认：
1 DAI 每年可赚取 0.004424 AO，因此按当前 AO 价格（$32.49）计算，APR 为 14.37%。
与 Sky 和 Ethereal 类似，挖矿 AO 目前可以通过「挖矿即卖出」的方式获得不错的收益，同时也可以选择持有 AO。如果选择持有，未来可能有更大的增值潜力，为当前的 APR 提供额外的上升空间。
Berachain
Berachain 原生 DEX 提供了一些有趣的机会，例如 USDC.e/HONEY 资金池，目前支付 13.79% 的收益率，形式为 BGT。BGT 是一种灵魂绑定代币（不可转让），但可以按 1:1 的比例燃烧兑换为 BERA。挖矿者可以选择立即出售以实现当前的 APR，或者积累 BGT，押注 Berachain 生态系统的未来发展（最近该生态系统正逐渐升温）。
Sonic
Sonic 正在进行一场规模庞大的空投挖矿活动，分发数亿美元的 S 代币以激励生态系统的增长。这为收益挖矿者创造了一些独特的机会，值得进一步关注和研究。
Shadow Exchange 是生态系统中的一个原生去中心化交易所 (DEX)，提供了许多颇具吸引力的稳定币投资机会。其中，以下两个选项尤为值得关注：
· USDC.e/scUSD：年化收益率为 28.9%
· USDC.e/USDT：年化收益率为 35.3%
Navigator Exchange 是一个基于 GMX 的分叉项目，同时推出了一种类似 GLP/JLP 的产品，称为 NLP。这种产品需要注意的是，由于其投资组合中包含 S、BTC 和 ETH，因此可能面临一定的价格波动风险（Delta 风险）。目前，NLP 提供的回报率如下：
· 35.60%，以 S 代币形式支付
· 131.71%，以 esNAVI 代币形式支付
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