➥ best yield farming opportunities on tokenless the opportunity set is better than I expected, but APY alone is a poor way to rank it my higher-risk watchlist: - @AccountableData USDC on Monad: 33.9% APY, $7.5M TVL - @saturn_credit SUSDAT: 28.4%, $76.2M TVL - @NestCredit NLCRD: 19.4%, $2.1M TVL - @apyx_fi APXUSD: 13.9%, $153.1M TVL - @tori_finance STRUSD: 13.1%, $25.2M TVL, 7D unstaking these offer stronger airdrop optionality but the risk is also clear with uncollateralized credit, thin liquidity, smart-contract exposure and possible depegs for larger positions, I prefer deeper liquidity and yield backed by identifiable economic activity: - @onrefinance ONYC: 11.7%, $244.6M TVL - @MidasRWA mFONE: 10.4%, $70.3M TVL - @3janexyz USD3/SUSD3: 6.8%-14.2% - @Main_St_Finance MSUSD: 6.6%, $74.4M TVL @Theo_Network also deserves attention, its products make sense from a macro perspective: - thUSD earns around 5.4% from a managed gold carry strategy - thBILL offers roughly 3.2%-3.35% through tokenized short-duration Treasuries - StableEarn recently offered around 13.35% on USDT deposits Theo has also launched a thUSD points program, so the yield and potential token exposure can be farmed together i’m avoiding GMTrade despite the 55%-214% displayed APYs Synthetic FX and commodity pools with only $1M - $3M in TVL are too speculative for me to treat as stablecoin farming so to recap, my approach is simple: • larger allocation to established pools with understandable yield • smaller allocation to high-APY, early-stage protocols • airdrop treated as upside, never as the reason the position is viable a 3%-10% yield can be explained by Treasuries, credit or market-neutral strategies when the APY reaches 20%-200%, i assume i’m taking significant risk until i can prove otherwise