Octover 19, 2023: Either a Lender and Borrower Be 💱💸

$crvUSD markets in Silo, Pendle, Gearbox, Archimedes, Myso and Sturdy

Even despite the recent supply crunch in $crvUSD fueled by high interest rates, we’re nonetheless seeing $crvUSD flooding the markets for lending and leveraged farming.

The latest updates…

Silo

We’re down to 57 protocols in all of crypto with more than $100MM in TVL on DefiLlama, and Silo Finance is among the shrinking list of elites. All the more notable that they joined these ranks in the PvP battlefield that is 2023.

Another platform that accomplished this minor miracle of ascending to blue chip status in 2023 is the tokenized yield trading champions at Pendle.

So it’s little surprise that the rising powers team up so smoothly. Silo’s been offering competitive yields to get $crvUSD onto their platform, and sticking the landing by partnering with Pendle by fixing these yields and allowing them to be traded, as discussed in this great thread:

One user offers a case study in how they used this integration to gamble their way to 150% APY. A risky bet, and in this case, a profitable one…

If you’re too poor to participate in these reindeer games, you can at least enjoy it as a spectator sport. Silo is hosting a trading competition between Silo’s Tenzent and Dopex’s Chutoro using only the Silo platform.

Gearbox

Liquidity continues to flow into TriCRV to replace the exploited CRV/ETH pool, now with 14MM $CRV and a total TVL worth about $18MM USD.

While 28.5% boosted rewards are nice, Gearbox is willing to stretch these for you. If you’re willing to lever up, you may be able to approach three figures worth of yield:

Their platform maxes out at 5.55x leverage, which pushed max rewards to 87% as of this morning.

TriCRV is the highest yielding market on their platform, and implicitly brings $crvUSD to the protocol.

The service is not for everybody, though. Their protocol is only available to the “unprotected” masses outside the United States. From there, you must be a high net worth individual (able to gamble >$60K) and to register as a “ninja”

Archimedes

In a prior era, Archimedes Finance launched a functional v1 leverage product that gained some modest traction, but the team went back to the drawing board for their v2 launch.

Capitalizing on the massive hole left by the Conic Finance hack, Archimedes moved swiftly to launch omnipools plus leverage! The full product roadmap is outlined in this thread:

Some of the functionality is still in the queue, but the easy to follow UI already hints at what’s on the horizon:

For more, we recommend this interview between Archimedes and Hubirb of Stake DAO!

Myso

Myso Finance recently launched their v2 markets.

Within Myso, the lender provides fixed terms within the markets they create. Their UI also allows this to be looped ~5.5x instantly, explained in this article:

They cite a $crvUSD / $CRV market available, and we were able to snag a snapshot of the current terms:

Sturdy

Like so many protocols in DeFi, Sturdy suffered a hack during more plentiful times, and has spent the bear market commendably building their way out of the hole. For the past few months they’ve been teasing the launch of Sturdy v2.

Where Silo above utilized isolated lending markets, to “silo” the risk of contagion among markets, Sturdy has been attacking this premise for its tendency to fragment liquidity.

Sturdy’s approach is to allow users to deploy aggregators which allow funds to flow among these markets.

Sturdy’s v2 launch is not live yet, but when it launches they have announced they’ll support $crvUSD out of the gate.

Note, the author does not endorse any of the above protocols. As cryptocurrencies, they all are loaded with risks, and all readers are advised to do their own research and consult with registered financial advisors. This post is educational in nature, none of this should be construed as financial advice.

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Disclaimers! Of mentioned assets, author has exposure to $SILO, $CRV and $crvUSD