懒人理财重启｜Ethereal边刷分边吃27% APR；Huma新开28%年化神池（1月6日）

Odaily星球日报Опубліковано о 2026-01-06Востаннє оновлено о 2026-01-06

Анотація

懒人理财栏目重启，推荐多个稳定币理财机会。CEX方面，币安USD1存款活动年化20.06%，限额5万，持续至1月24日；OKX Pay的USDG持币生息最高10%年化，限额1万。链上策略包括：Ethereal对冲开单，通过镜像对冲放大收益，基础APR 5.13%，最高可达27.2%，需邀请码和跨链操作；Huma Prime新池锁仓6个月最高28%年化，目前额度已满需等待新增；Kamino PRIME/CASH循环贷最高23.45%年化，支持杠杆；Pendle上sNUSD LP最高18.41%年化，附带积分奖励。建议优先CEX活动，链上操作需注意路径磨损和协议风险。

原创 | Odaily 星球日报(@OdailyChina)

作者|Azuma(@azuma_eth)

去年年初,考虑到读者们对于稳定币理财机会的需求越来越高,Odaily 星球日报曾开设了《更适合懒人的 U 本位理财攻略》栏目,旨在覆盖市场上以稳定币(及其衍生代币)为主体的相对低风险收益策略,帮助那些希望通过 U 本位理财来逐渐放大资金量级的用户寻找较为理想的生息机会。

该系列前后合计更新了 29 篇,介绍了不周同期下近百个收益率表现较为可观的理财窗口,除纯粹的 U 本位收益之外,附带的积分及额外奖励也捕获了 Plasma、Ethena、Huma、Avantis、Falcon 等“大毛”。

然而,1011 黑天鹅事件的突发导致场内流动性急剧收缩,伴随着接连数起安全事件的发生,当时我们判断是链上 DeFi 的风险传导还未结束,所以暂停了该栏目的更新。直到近期,市场情绪和流动性已出现明显恢复迹象,因此决定重启该栏目。

最简策略:各大 CEX 存款活动

当下最为简单的理财机会显然是各大 CEX 所推出的存款活动。

首先是最热的 Binance 的 USD1 存款活动,APR 20.06%,限额 5 万 USD1,活动将持续至 1 月 24 日 7:59,还有半个月时间的收益窗口,虽然 USD1 当前较 USDT 稍有溢价(活动结束后退出时预计还有一定折价),但收益足以覆盖磨损。

此外 OKX Pay 账户的 USDG 持币生息活动最高也有 10% 的年化收益率,但额度相对较少,仅 1 万 USDG;超出部分年化收益会降至 5%。

印象中其他交易所也有一些类似的存款活动(比如火币 20% 年化的 U 活期赚币),但个人暂未参与,大家可根据自身使用情况酌情考虑。

链上策略一:Ethereal 对冲开单,APR 最大可达 27%

在 CEX 端仍有额度空间的情况下,个人建议应优先选择 CEX 活动,一是因为当下 CEX 的活动激励力度已足够具备吸引力,二也可减少不必要的协议风险及路径磨损。

实在考虑链上机会的话,比较推荐在去中心化合约交易所 Ethereal(https://app.ethereal.trade/trade/BTCUSD)通过对冲开单来放大保证金收益的策略。

Lighter 的 TGE 再次点燃了大家对 Perp DEX 赛道的交互热情,我当前的操作方式是在 Variational 等大热 Perp DEX 上开单拿分,同时在 Ethereal 上以完全镜像的方式反向开单对冲。之所以这么做,是因为 Ethereal 在给予抵押资产 USDe 5.13% 基础 APR 的同时,还会根据用户的开单情况放大收益率(APR 最高可达 27.2%,收益来自交易费分成),此外还会给予对应未来空投的积分奖励。

每个人对 Perp DEX 的未来竞争格局判断都会不同,但无论主刷的是 Variational、Backpack、Nado 还是 StandX,当下都推荐将 Ethereal 作为头号对冲选择,用实实在在的抵押资产收益来减缓甚至覆盖磨损。

需要注意的是,使用 Ethereal 暂时需要邀请码来解锁全部功能(去 DC 很好蹲),然后需要将 USDe 从以太坊桥接至 Ethereal 链上(可走 StarGate)进行充值并作为 gas 代币,路径上会有一定的磨损,因此不建议用太小的金额去操作。

链上策略二:Huma Prime 待加额度,最高年化 28%

这个属于是要上小闹钟的池子了。

PayFi 龙头 Huma 昨天出了个新的池子 Huma Prime,其实说白了就是 PST 的循环贷池,锁仓 6 个月的话最高可实现 28% 的年化收益(无徽章加成的话是 22.6%),收益由基础收益、循环贷收益再加 HUMA 激励构成。

该池启动后的前 12 个小时不对公众开放,仅支持 OG 和 Vanguard 徽章持有者存款,但开放后仅 3 个小时就被存满,所以新用户暂时是没机会存进去的,只能盯着官方加额度时再去参与。

需要先强调一点,Huma Prime 跟之前的 Classic 和 Maxi 池子不一样,LP 头寸没有二级市场,所以没办法提前退出,用户只能在锁定期结束后到 Huma 官方窗口去赎回。

链上策略三:Kamino PRIME/CASH 循环贷,最大年化 23.45%

能接受 Huma Prime 的用户一般对循环贷都是不太抵触的,如果不想继续等额度,可以考虑 Kamino 上的 PRIME/CASH 循环贷,Multiply 功能可一键选择杠杆倍率建仓,最大可以拉到 8 倍,对应 APY 大概是 23.45%。

资产风险方面,PRIME 是 Hastra、Figure 和 Provenance 合作发行的收益稳定币,抵押资产为现实世界的房屋净值信用额度(HELOC),CASH 则是 Phantom 发行的稳定币。

这个池子现在开了一个多月,历史收益回测还比较稳定,建议自行评估风险收益情况参与。

链上策略四:Pendle Neutrl(sNUSD) LP,最大年化 18.41%

Neutrl 是我个人很喜欢的一个项目,之前也介绍过蛮多次了,简单来说就一个更激进版本的 Ethena,但对冲资产是从主流代币变成了场外折价收购的山寨币 —— 主要资方是最大的场外交易平台 STIX,模式上有一定独特性。

相较于静态存款(拿 NUSD)或质押(拿 sNUSD)现在最高效的参与方式就是在 Pendle 上组 sNUSD 的 LP,在有足额 PENDLE 质押的情况下最大年化可以做到 18.41%,基础年化则是 13.97%,外加 25 倍的 Neutrl 积分来捕捉空投机会。

由于池子在以太坊主网,路径上进出时都会有一定磨损,因此也不建议小额参与。

Пов'язані питання

Q文章中提到的最简单的理财机会是什么？

A文章中提到的最简单的理财机会是各大CEX（中心化交易所）所推出的存款活动，例如Binance的USD1存款活动（APR 20.06%）和OKX Pay账户的USDG持币生息活动（最高10%年化收益率）。

QEthereal平台上通过对冲开单策略，最高可实现多少APR？

A在Ethereal平台上，通过对冲开单策略在给予抵押资产USDe 5.13%基础APR的同时，根据用户的开单情况，最高APR可达27.2%。

QHuma Prime池子的锁仓期是多久？最高年化收益率是多少？

AHuma Prime池子的锁仓期为6个月，最高可实现28%的年化收益率（无徽章加成的情况下为22.6%）。

QKamino上的PRIME/CASH循环贷最大可以拉到多少倍杠杆？对应的APY是多少？

AKamino上的PRIME/CASH循环贷最大可以拉到8倍杠杆，对应的APY大约是23.45%。

Q在Pendle上参与sNUSD的LP，在有足额PENDLE质押的情况下最大年化收益率是多少？

A在Pendle上参与sNUSD的LP，在有足额PENDLE质押的情况下，最大年化收益率可以做到18.41%。

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