June 15 2021 BSC & Polygon Stablecoin Defi Rates

High Yield Stablecoin Pools

This is not investment advice. I am not an expert. These posts are mostly just ramblings of someone with a little extra time on their hands.

I am trying to write one of these posts about once per week at the beginning of each week. A day late on this one, but that should not matter all that much. In the last week since my last post, rates have changed quite a lot. A couple hours after the last post there was a pretty significant drop in most cryptos (around 10% in a day), which brings down rates as well (since farms pay out in volatile tokens). The most notable thing that has happened in the last week is definitely the continued growth of IRON-USDC pairs and their insane payouts.

46,170% APY - (Polygon) IRON-USDC Quickswap-LP Staked on Beefy
Edit: 6/16/2021 - IRON Finance has either been exploited or failed in some other way, avoid this!
$100m TVL on Beefy’s IRON-USDC Quickswap-LP ($664m in the Quickswap LP itself)
$82m TVL on Beefy’s IRON-USDC SushiSwap-LP ($569m in the SushiSwap LP itself)

A quick note on this one… You can stake this in quite a few places. It seems like the most popular on reddit’s defi section is either polycat.finance or adamant.finance. Polycat uses some bad math in the APY that they publish on their website. I was able to see this by depositing the exact same LP and same amount at the same time on both Beefy and Polycat. Even though Beefy has a lower published rate (currently about 7,000% lower posted rate than Polycat has on their site), the holdings on Beefy made more LP within the same amount of time. So don’t trust the rates you see anywhere, watch your own numbers and see how they line up (I even think Beefy publishes rates that are too high as well). Adamant, I have not tried yet, but they do seem capable of pushing out a higher rate because they give you an additional boost in rate by paying you a bonus in their own ADDY token. I will give that a try this week.

Why has the rate gone up so much for IRON-USDC? Last week my post had it closer to 2000% and now it is 46,000%? The underlying farm that pays out to the LP’s is Iron.Finance. Iron.Finance pays out their yield in a token called TITAN. The quantity of TITAN that each pool gets paid out has remained the same (I think) but the value of TITAN has gone way up. Last week TITAN was worth around $5 and right now it is closer to $50. That is a 10x increase in payouts. The rest of the increase in APY is simply from how compound interest math works.

I still think that this is a riskier stablecoin pair to be in. That hasn’t stopped me from dabbling in this pair though.

107% APY - (BSC) IRON-BUSD-USDT-DAI-USDC AcryptoS-LP Staked on Iron.Finance
Edit: 6/16/2021 - IRON Finance has either been exploited or failed in some other way, avoid this!
$5.9m TVL on Iron.Finance ($5.9m held within LP itself)

This is a fun one I discovered this week. IRON is all the rage isn’t it? Well IRON is on BSC as well, although nowhere near as popular as on Polygon ($2.2b on Polygon and $44m on BSC). This combines one of my favorite forms of LP, the Curve based “stableswap” LP, one of the defi projects I really like (AcryptoS), and the crazyness of Iron Finance. For this LP, you mint the LP on AcryptoS and then deposit the LP into the farm on Iron Finance. I don’t see an autocompounder for this one, but a redditor told me that they are working on one and will send me a link to the smart contract when it is ready (I can post it here too, so long as it looks ok and an audit is in the works).

94% APY - (BSC) IRON-BUSD PancakeSwap-LP Staked on Beefy
Edit: 6/16/2021 - IRON Finance has either been exploited or failed in some other way, avoid this!
$7.23m TVL on Beefy ($18.4m held within the LP itself)

The rate on this has dropped from 113% in my last post. This pays a good rate, but for some reason does not excite me at all. Well I guess that reason is… IRON-USDC on Polygon. At least with the AcryptoS based BSC Iron farm it is something a little bit different, but this LP, I see absolutely no reason not to just bridge over to Polygon and pair up with the main IRON LP’s.

56% APY - (BSC) UST-BUSD-USDT-DAI-USDC AcryptoS-LP Staked on AcryptoS
$4.2m TVL in AcryptoS farm

This has historically been one of the decent paying medium-low risk stablecoin farms. The rate is up from 33% in last weeks post. I am used to seeing this rate in the 40-70% range, so this looks pretty typical. Risks here are mostly UST risk, but you are diversified with 4 additional coins in this pool (although the target is to have UST half of the pool). I still like this pool quite a lot.

42% APY - (BSC) Dolly-BUSD-USDT Dopple-LP Staked on Beefy
$2.3m TVL on Beefy ($8.7m held in the LP itself)

The Dolly LP is down pretty far from last week’s 98% APY. As I mentioned in the last post, I feel like Dolly is new enough, and using some unproven code, that without a higher APY it is not worth holding onto any of the Dopple products.

31% APY - (Polygon) DAI-USDC-USDT CURVE-LP Staked on autofarm
$16.4m TVL on autofarm ($768m held by the Curve LP itself)

This is up about 3% since last week. The rise in rate in almost entirely due to the increase in the price of MATIC since last week. This farm is highly reliant on the price of MATIC for its rates.

The rate of this is low compared to some of the others, but I still consider it one of the safest core assets to be held.