做了兩個 DEFI 策略的調整。 👉一、在 RATEX 上買入了 FragSOL 的 PT 幣圈玩了一段時間，其實感覺收益最高的部分，都來自於流動性溢價，為什麼說哪裡有注意力哪裡就有資金？ 因為一個具有共識的“跑得快”遊戲，還是需要一點天時地利人和的，大家始終有點想參與公平賭博的賭性在裡面。 對於項目方來說， TGE 階段通常也是流動性溢價最好的時候，這種時候，一般也會通過 DEFI 的鏈條，傳導到鏈上。 另外一方面，71 天，18%APY +4X RATE X 積分，在久期、收益、潛在空投上都還可以，算是一個小型的六邊形戰士。 毛估估20% APY 的SOL 本位收益吧，不過我的 SOL 是以 U本位借來的。 反正算來算去，最後差不多以我的全部 U本位計算， APY 波動 10%-20%之間，還行吧，比不上 @OpenEden_X CUSDO 的PT，但是那個穩定幣的 KYC 真的反人類。 沒有洋人的命，就不賺那個洋人的錢了，多吐槽一句，沒有這個 KYC 攔著，PT 收益也不會這麼高。 👉二、準備撤出 USDS 在 PENDLE 的 LP 其實早就該撤了，pendle 上 USDS 的規模超過 2億之後，性價比就急速下降，目前規模已經往 4億去了，每天新增接近 200億積分。 加上項目方又不發幣， SPK staking 的積分也算進去，真實APY收益往 usds-pt 4.5 的真實收益去了，甚至有可能更低。 目前唯一還有希望的就是嘴擼 @cookiedotfun 上的 @sparkdotfi 了，還剩下那麼幾天時間，能不能最後給我加點分？SNAP~SNAP~SNAP~😛 之前很多人做過 USDS 在 PENDLE 上的空投測算。 這裡借用一下 @portal_kay 老師的圖，裡面預估的積分總量是7000億，但是預估會往 1萬4千億去。 按照這個積分規模，即便是最樂觀的 2.4%空投量， FDV 5億，實際APY也只有 8%，實在雞肋，棄了去其他地方了。 —— 說到這裡，還想說一個方向： 我們可能不僅等不來幣圈的山寨季，甚至都等不來美股上鏈了。 現在最暗流涌動的，反而是“幣上美股”。 微策略的 BTC 方案，被複用到了其他公鏈代幣上。 而在美股搞一個 SPV （特殊目的公司實體）的門檻非常低。 幣圈山寨季發生在美股可能不是一句讖言。 難道我要撿起我的老本行...以後給大家分析美股的財報了嗎，哈哈哈 時間不多了，先寫到這裡，後面再講講“幣上美股”這個事情，有哪些邏輯支撐。 ———————— Made Two Adjustments to My DeFi Strategies 👉 1. Bought FragSOL PT on RATEX After playing in crypto for a while, I’ve realized the highest returns often come from liquidity premiums. There's a reason why people say “where attention goes, money follows.” That’s because even in a so-called "fast runner" game with strong consensus, there’s always an element of timing, luck, and human nature. People are inherently drawn to participate in what feels like a fair gamble. For project teams, the TGE (Token Generation Event) phase is usually when liquidity premiums are at their peak. During this period, those premiums often flow through the DeFi pipeline onto the chain. On the other hand, FragSOL’s PT has a 71-day duration, 18% APY + 4X RATE X points. From the perspective of duration, yield, and potential airdrops, it’s pretty solid—a little six-dimensional warrior, if you will. A rough estimate puts the SOL-denominated yield at around 20% APY. However, my SOL was borrowed in USD terms. After crunching the numbers, the overall APY based on my entire USD portfolio fluctuates between 10% and 20%. Not bad—though it doesn’t beat @OpenEden_X’s CUSDO PT. But honestly, that stablecoin’s KYC is just anti-human. If you weren’t born to be a Westerner, maybe don’t chase Western money. Just saying—if it weren’t for that KYC wall, PT yields wouldn’t be so high in the first place. 👉 2. Preparing to Exit the USDS LP Position on PENDLE Honestly, I should’ve exited a while ago. Once the USDS pool on Pendle surpassed $200 million, the risk-reward ratio began dropping sharply. Now it’s approaching $400 million, with nearly 20 billion new points being added daily. To make matters worse, the project hasn’t launched a token yet, and SPK staking points are also counted—so the real APY on USDS-PT 4.5 is much lower, maybe even below that. My only remaining hope is farming points on @sparkdotfi via @cookiedotfun. A few days left—will they give me a last-minute point boost? SNAPSNAPSNAP~ 😛 Many people have already calculated the USDS airdrop potential on PENDLE. Here, I’ll borrow a chart from @portal_kay. The projected total points were 700 billion, but now estimates are going as high as 1.4 trillion. At that point scale, even in the most optimistic scenario of a 2.4% airdrop with a $500 million FDV, the real APY would only be around 8%. Pretty underwhelming. I’m moving on to better opportunities. On that note, here’s another thought: We might not only miss out on the altcoin season—we might never even get tokenized US stocks on-chain. Ironically, the biggest undercurrents right now are in the direction of US stocks on-chain. MicroStrategy’s BTC treasury model is being mimicked by tokens on other chains. And it’s surprisingly easy to create an SPV (Special Purpose Vehicle) to hold U.S. stocks. Maybe the idea of an altcoin season... happening in the U.S. stock market instead of crypto isn’t a joke. Am I really about to pick up my old profession again and start analyzing U.S. stock earnings reports for everyone? 😂 Time’s tight—more on this “on-chain U.S. stocks” thesis later, including the logic behind it.