# Yield Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Yield", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Strategy Watch #4

Strategy Watch #4 analyzes institutional activity in digital assets for April. It reports a gradual recovery in Bitcoin (BTC) capital flows, while stablecoin demand surged. However, Ethereum (ETH) remained in persistent net outflow. A notable turnaround was observed in ETH ETF flows, shifting from significant outflows to inflows by month-end. Conversely, DeFi Total Value Locked (TVL) on Ethereum reversed course sharply, with accelerated outflows indicating renewed allocator caution. CME basis yields for both BTC and ETH deteriorated sharply, turning negative and suggesting reduced institutional risk appetite. The report is structured across six sections covering institutional flows, fund performance, a deep dive into DeFi/yield strategies, on-chain vault performance, manager positioning, and allocation updates.

insights.glassnode06/03 13:31

Strategy Watch #4

insights.glassnode06/03 13:31

How the CLARITY Act Reshapes the Stablecoin Yield Economy

The CLARITY Act, recently advanced by the U.S. Senate Banking Committee, fundamentally reshapes the stablecoin yield economy by closing loopholes left by the earlier GENIUS Act. Its Section 404 expands the ban on "hold-to-earn" rewards to all Digital Asset Service Providers (DASPs) and their affiliates, prohibiting any passive, interest-like yield. Crucially, it introduces a legal distinction, permitting "use-to-earn" rewards based on actual activities like spending, trading, or staking. In anticipation of this regulatory shift, major Wall Street asset managers—Morgan Stanley, BlackRock, and JPMorgan—have launched a series of tokenized money market funds (e.g., BlackRock's BRSRV, JPMorgan's JLTXX) designed explicitly for stablecoin reserve assets. These products represent a new, compliant yield layer: the stablecoin issuer earns interest from the underlying tokenized fund, which can then be passed to users through redesigned activity-based rewards. This marks a paradigm shift from a "hold-to-earn" to a "use-to-earn" market. While pathways remain for exchanges to redesign rewards (Path A) and for DeFi protocols to offer yield (Path B), the tokenized reserve asset layer (Path C) emerges as the most robust and strategically positioned infrastructure. However, this concentration—exemplified by BlackRock's BUIDL fund backing over 90% of USDtb's reserves—introduces new systemic risks. The final outcome hinges on regulatory decisions, particularly the OCC's proposed 20% cap on tokenized assets in reserves, which will determine the scalability of this new financial infrastructure layer.

marsbit05/30 11:11

How the CLARITY Act Reshapes the Stablecoin Yield Economy

marsbit05/30 11:11

Reddit Discussion: After 11 Years in Crypto, RWA Is One of the Few Things That Doesn't Feel Like 'Old Wine in a New Bottle'

Reddit Discussion: After 11 Years in Crypto, RWA Feels Unlike the Usual 'Old Wine in a New Bottle' A user with experience since 2014 shares that, having witnessed major crypto cycles from ICOs to FTX, most new narratives are just rebranded old ideas. However, Real World Assets (RWA) feel genuinely different. It's not about moving existing on-chain capital but bringing yields from real-world assets onto the blockchain. While many projects are flawed, the underlying premise is stronger than most. The user outlines key checks before engaging with any RWA project: 1) Existence of a lending business *before* the token launch (citing examples like Maple and 8lends). 2) Clear, transparent handling of defaults, using Goldfinch's 2023 issues as a critical lesson about inevitable credit risk. They note a crucial distinction for newcomers: RWA lending involves slow recovery from real assets (taking months), unlike the instant liquidations of over-collateralized DeFi protocols like Aave. Ultimately, the hard part is the traditional credit work, not the blockchain. Commenters agree, emphasizing the importance of documented default procedures and teams with pre-token real-world credit experience. They observe that a project's response to its first default is more telling than any metrics dashboard, summarizing RWA as "old credit on a new rail."

marsbit05/29 06:09

Reddit Discussion: After 11 Years in Crypto, RWA Is One of the Few Things That Doesn't Feel Like 'Old Wine in a New Bottle'

marsbit05/29 06:09

Bit Digital CEO: Why I Bought More ETH

Bit Digital CEO Sam Tabar explains his recent decision to purchase more Ethereum (ETH). He emphasizes that his investment is not based on market cycles or popular narratives, but on data-driven analysis identifying a pricing discrepancy in the asset. The article critiques the "ETH as money" framework, arguing it is an incorrect lens for evaluating Ethereum. Unlike Bitcoin's singular focus on becoming a monetary asset, Ethereum prioritizes utility by serving as a programmable settlement layer for global development. This practical focus, while precluding it from winning a "money" coordination game, has created unique value. Tabar counters criticism about Ethereum's fragmented ecosystem by highlighting that substantial, real-world value is already being settled on-chain. This includes the issuance of stablecoins, tokenization of assets like U.S. Treasuries, and transactions for AI agents. He sees Ethereum, combined with computational layers, as providing the core primitives—computation and settlement—necessary for institutional finance to migrate on-chain. He believes the catalyst for ETH's value re-rating will come from this institutional demand, which follows its own, slower regulatory and operational timeline, not retail narrative cycles. Tabar concludes by stating his purchase fulfills a fiduciary duty to make sound capital allocation decisions. He views ETH as a yield-generating asset (citing 94.7% gross margins from staking in Q1) that secures the world's dominant smart contract platform, which processes trillions in transactions annually. He does not need ETH to become a global reserve currency; its current utility and discounted valuation relative to the infrastructure it powers are sufficient reasons to buy and hold.

marsbit05/29 02:54

Bit Digital CEO: Why I Bought More ETH

marsbit05/29 02:54

Top Audit Expert Warns: All DeFi is Unsafe, Withdraw Now!

A leading DeFi security expert has issued a stark warning: all DeFi is now unsafe. Manuel Aráoz, founder of major security audit firm OpenZeppelin, stated on X that he is advising friends and family to withdraw funds from major protocols like Aave, MakerDAO, and Compound. The core reason for this drastic shift is the rise of AI. Aráoz argues that AI-powered coding agents can now identify and exploit smart contract vulnerabilities at an exponentially faster rate. This turns DeFi's transparency into a liability, providing a vast training dataset for attackers. The fundamental asymmetry of security—where defenders must patch every flaw, but attackers need only find one—is being catastrophically unbalanced by AI. Recent months provide chilling evidence. April saw massive exploits, including a $280 million loss at Drift Protocol and a $292 million theft from Kelp DAO. The trend continued into May with multiple high-value attacks on protocols like THORChain, Verus, Echo Protocol, and StakeDAO, demonstrating vulnerabilities across both on-chain code and off-chain management. AI acts as a force multiplier for hackers, enabling near-instantaneous vulnerability scanning, automated exploit script generation, and sophisticated social engineering. The recent development of ultra-powerful AI models like Anthropic's Mythos—so advanced its public release was delayed over security fears—signals even greater threats ahead. The article concludes that the risk-reward calculus for DeFi participants has fundamentally broken. With yields on many "blue-chip" protocols now in the single digits, users are essentially risking 100% of their principal for minimal returns, with no recourse in case of attack. In this environment, withdrawing funds may be the most rational risk management decision.

marsbit05/28 04:09

Top Audit Expert Warns: All DeFi is Unsafe, Withdraw Now!

marsbit05/28 04:09

Heat Rises for TermMax and Renaiss: How to Engage with These Two Projects Incubated by YZi Labs?

The article introduces TermMax and Renaiss, two projects recently gaining attention from the YZi Labs EASY Residency program incubator. It explains how users can potentially participate in them. TermMax is a DeFi protocol offering fixed-rate, fixed-term lending, functioning as a "lending AMM" to provide predictable interest rates. It has launched its V2 version, which improves capital efficiency and liquidity. Users can engage through its "Season 0" event on its V2 platform by connecting a wallet, daily check-ins, and completing tasks (deposit, trading, social) to earn points. Renaiss is a RWA infrastructure project focused on "collectible finance," specifically tokenizing real-world collectible trading cards (like Pokémon) onto the blockchain to enhance their liquidity and enable financial applications. Users can participate by visiting its official website, funding their account, and purchasing card packs (e.g., the OMEGA pack) with varying rarity tiers for a chance to obtain different card grades. Both projects represent specialized approaches within DeFi and RWA, aiming to offer users new avenues for fixed-income lending and investing in tokenized physical collectibles.

Odaily星球日报05/28 01:41

Heat Rises for TermMax and Renaiss: How to Engage with These Two Projects Incubated by YZi Labs?

Odaily星球日报05/28 01:41

Wall Street Takes Over Bitcoin and Stablecoins, But Where Are the Real Profit Opportunities for Retail Investors?

Wall Street is taking over Bitcoin and stablecoins, but where can retail investors really make money now? The common narrative is that Wall Street's dominance via ETFs and regulated stablecoins has structurally ended the era of easy 100x returns from altcoins. While this is true for Bitcoin and stablecoins, which are becoming traditional financial products, it's only half the story. Other crypto sectors are failing for their own reasons. GameFi is largely dead, with 93% of projects failed. NFTs are at multi-year lows with most collections losing all value. Memecoins persist but overwhelmingly benefit insiders and whales at the expense of late retail buyers. These sectors aren't being consumed by TradFi; they've exhausted their growth narratives. The real opportunities for retail in the next 6-12 months lie elsewhere: 1. **Prediction Markets:** Platforms like Polymarket have seen explosive growth (21x in a year) with a genuine, active retail user base. The utility of forecasting events provides sustainable demand beyond mere speculation. 2. **DeFi Yield:** While the era of 1000% APY farms is over, sustainable yields of 4-8% are available through liquid staking, regulated stablecoin platforms, and RWA lending. 3. **Select Altcoins:** If Bitcoin breaks its all-time high, a selective altcoin season could emerge. The favorable bets would be on ETH, assets within the Base and Solana ecosystems with real users, and asymmetric opportunities in AI-crypto and DePIN presales. The most likely market scenario (45% probability) is sideways action, making asset selection far more critical than broad market momentum. The playbook has changed. Actionable steps: Focus time on prediction markets; use DeFi for reliable yield, not lottery tickets; only buy altcoins with genuine user bases; and avoid GameFi, random NFTs, and new memecoins. The "TradFi is eating crypto" story misses the growing sectors. The easy money era is over, leaving a niche, selective market that requires real understanding, but opportunities remain for those who adapt.

marsbit05/27 12:57

Wall Street Takes Over Bitcoin and Stablecoins, But Where Are the Real Profit Opportunities for Retail Investors?

marsbit05/27 12:57

Over 13% APY, Apyx Is Bringing the 'Killer App for Bitcoin' On-Chain

The article discusses the rise of high-yield stablecoins in DeFi, focusing on the Apyx protocol and its integration of STRC (Strategy's Bitcoin credit instrument) to generate sustainable on-chain yields. Apyx addresses a market need for stablecoins with yields exceeding typical DeFi offerings (often below 5-10%). Its core innovation is bridging STRC—a tradable, dividend-yielding equity instrument backed by Strategy's Bitcoin holdings—from traditional finance to the decentralized ecosystem. STRC offers a floating yield (over 12.3%) by converting Bitcoin's long-term appreciation potential into a "digital credit" product. Apyx employs a dual-token model: `apxUSD`, a stablecoin pegged to $1 for liquidity, and `apyUSD`, an interest-bearing token where yields accumulate (currently ~11% APY, targeting over 13%). The yield is derived from STRC dividends, providing a more sustainable income source compared to token-incentivized models. Since its February launch, Apyx has grown rapidly, with `apxUSD` becoming a top-20 DeFi stablecoin by issuance. The protocol enhances its utility and capital efficiency through deep integrations with major DeFi platforms: Morpho (for collateralized borrowing/lending), Curve (for low-slip liquidity pools), and Pendle (for trading and leveraging future yield via PT/YT tokens). Apyx is also running a multi-season points program leading to a Token Generation Event (TGE) and airdrop on October 13, 2026, incentivizing user engagement through activities like holding tokens or providing liquidity. The main competitor in this niche is Saturn, but Apyx claims advantages in TVL, underlying STRC holdings, higher sustained yields, and a clearer TGE timeline without significant VC selling pressure. Key risks highlighted include dependency on Strategy's Bitcoin-backed credit model (susceptible to Bitcoin market volatility) and compounded smart contract or liquidity risks from its DeFi integrations. The article positions Apyx not as a risk-free asset but as a compelling "medium-risk, high-yield" option for users seeking better risk-adjusted returns in the current stablecoin landscape. The growth of Apyx and the STRC sector reflects a broader market shift where DeFi users are willing to accept calculated risks for substantially higher, sustainable yields.

Odaily星球日报05/26 01:41

Over 13% APY, Apyx Is Bringing the 'Killer App for Bitcoin' On-Chain

Odaily星球日报05/26 01:41

Under the squeeze between giants Tether and Circle, how can foreign exchange stablecoins break through?

In the face of dominance by Tether (USDT) and Circle (USDC), new entrants in the stablecoin space face significant challenges competing directly, especially in the foreign exchange (FX) market. A more viable and efficient path forward is the adoption of synthetic foreign exchange (Forex) built atop existing USD stablecoin rails. The rise of stablecoin neo-banks represents the next major growth area for mass crypto adoption, with FX becoming a core component. However, replicating the vast liquidity, distribution channels, and network effects of USDT/USDC is extremely difficult for new FX stablecoin issuers. The total market cap of all FX stablecoins is a fraction (roughly 1/700th) of USD stablecoins, leading to issues like poor liquidity, peg instability, limited acceptance, and complex compliance hurdles. Instead of issuing spot FX stablecoins, the article advocates for a model inspired by traditional finance's non-deliverable forwards (NDFs). Users would continue to hold underlying USDT/USDC, while their account balances are displayed and economically settled in their preferred local currency through MtM (Mark-to-Market) NDF structures. This approach leverages the deep liquidity and infrastructure of USD stablecoins while providing synthetic forex exposure. Key advantages include strong peg stability via oracles, retained access to USD stablecoin yields and liquidity, high capital efficiency, and easy scalability to new currencies. Primary use cases for this on-chain NDF forex include: 1. Neo-banks, custodians, and wallets offering multi-currency accounts to attract international users and increase deposits. 2. Forex carry trade strategies, potentially offering more stable and scalable yields compared to crypto-native products like Ethena. 3. Global corporate payments, allowing businesses to receive payments in local currencies while hedging forex risk on-chain, similar to services offered by Stripe in traditional finance. This synthetic forex model presents a pragmatic solution to overcome the network effects of incumbents and unlock the next wave of stablecoin utility for global consumers and businesses.

marsbit05/24 00:30

Under the squeeze between giants Tether and Circle, how can foreign exchange stablecoins break through?

marsbit05/24 00:30

I Tested with $10,000: Zero Wear, 8% APY, and Earn Points (Full Tutorial + Screenshots Included)

**Title:** My $10,000 Real-World Test: Zero Wear-and-Tear, ~8% APY, Plus Earning Points (Full Guide + Screenshots Included) **Summary:** This article details a personal experiment with $10,000 on the StandX platform to verify its advertised ~8% APY for its stablecoin, DUSD, while earning trading points. The author created two accounts, each depositing $5,000 worth of DUSD, and used StandX's unique "Block Trade" feature to open perfectly offsetting long and short BTC positions (2x leverage each). This neutralized directional market risk. **Key Results (Over 8 Days):** * **Total Profit:** $16.91 (~7.8% annualized). * **Zero Net Directional P&L:** BTC price movements canceled out. * **Zero Wear-and-Tear:** No losses from fees, slippage, or gas from frequent trading. * **Points Earned:** 380+ trading points. **Source of the ~8.46% APY:** The yield is composed of three layers, all paid in DUSD (real USD value, not governance tokens): 1. **DUSD Base (~1.27%):** Derived from funding rates (similar to Ethena's USDe). 2. **SIP-2 Position Boost (~2.27%):** A protocol revenue-sharing mechanism. Users providing liquidity (via open positions) earn a share of platform trading fees. Leverage acts as a multiplier on this yield. 3. **SIP-3 Universal Fee Share (~4.92%):** A portion of all platform trading fees is distributed to *every* DUSD holder, regardless of whether they trade. **Sustainability Claim:** The author argues this yield is more sustainable than pure funding-rate models (e.g., Ethena) because over 7% of it comes from transaction fees (SIP-2 + SIP-3), which are less dependent on market cycles. **Step-by-Step Strategy:** A concise 3-step guide is provided for replicating the zero-risk strategy using two wallets and StandX's Block Trade to create matched long/short positions. **Risk Disclosures:** The article notes standard DeFi risks: smart contract vulnerability and yield fluctuation (Base yield varies with funding rates; SIP-2/3 yields depend on platform trading volume). **Author's Note:** The author discloses their role in Growth at StandX. The piece is presented as personal testing and analysis, not investment advice.

链捕手05/22 09:41

I Tested with $10,000: Zero Wear, 8% APY, and Earn Points (Full Tutorial + Screenshots Included)

链捕手05/22 09:41

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