DeFi strategy in a bear market: How to maintain an annualized return of more than 10%

区块律动BlockBeats

特邀专栏作者

2025-03-14 07:00

This article is about 1199 words, reading the full article takes about 2 minutes

As long as the market remains risk-averse, yield strategies and stablecoin plays remain the preferred choice

Original title: Yields Opportunities in a Risk-off Environment

Original author: @ClBlockchain, crypto writer

Original translation: zhouzhou, BlockBeats

Editor's note: The article introduces various opportunities to earn income by providing liquidity in the current risk-averse environment, covering strategies on chains such as Sonic, Arbitrum and Hyperliquid. Including Shadow (Sonic main DEX) earning high APR and Sonic Points through liquidity provision, Rings Protocol x Pendle earning stable income through scUSD, Pear Protocol (Arbitrum) obtaining high funding rates through reverse transactions, and Harmonix (Hyperliquid) low-risk arbitrage through HYPE Delta-neutral vaults.

The following is the original content (for easier reading and understanding, the original content has been reorganized):

Since the November 2024 election, the crypto market has fallen by about 25% from a high of $3.7 trillion, with a total market cap of $2.76 trillion as of March 10, 2025. The market is clearly in risk-off mode. In this environment, areas such as stablecoins, delta-neutral products, and yield farming generally attract more attention and users.

Below are some of our innovative revenue opportunities on different public chains. Yes, we still love points rewards.

Providing liquidity on Sonic to earn income

@ShadowOnSonic

Shadow is the core decentralized exchange on Sonic, which adopts a centralized liquidity mechanism to provide users with high annualized returns. Its main strategy is to provide liquidity on S and the pledged version of S (almost no impermanent loss) and hedge risks through short selling.

Estimated revenue:

30-80% APR (liquidity providing income)

Sonic Points Rewards

Pros and Cons:

High APR (liquidity mining benefits are considerable)
The need to actively manage liquidity

Steps:

Buy S and convert part of it into stS via beets.fi (the proportion depends on the liquidity range).

Open a 1x short position on @HyperliquidX or @vertex_protocol to hedge against price volatility.

@Rings_Protocolx@pendle_fi

Rings offers scUSD, an interest-bearing stablecoin backed by USDC and ETH. The strategy is to mint scUSD and earn yield through its vault while passively earning Sonic Points for holding scUSD, or provide liquidity on @pendle_fi for additional yield.

Pros and Cons:

No active management required

Pendle has a strong track record

Requires trust in Rings stablecoins and Veda vaults

Steps:

Mint scUSD in Rings through stablecoin collateral.

Stake scUSD to earn 5% return + Sonic points.

On Pendle:

Buy wstkscUSDPT, enjoy 13.75% APR, and hold until maturity (May 29, 2025).

Providing liquidity and earning income on Arbitrum

@Pear_Protocol

PearProtocol recently launched a new feature - MarketPage, which is used to discover trading opportunities and filter the most attractive funding rate opportunities from thousands of trading pairs.

Core of the strategy: Reverse trading to earn funding rates

The core idea of this strategy is to "go against the flow and earn a premium on market sentiment". Opportunities come from trading settings where market sentiment is contrary to one's own views:

Long market with large short positions
Shorting the assets that the market is massively long on

Considering that the market is often accompanied by the liquidation of open interest contracts, this strategy is reasonable. However, it is necessary to actively manage positions, pay attention to whether the net value of the funding rate is favorable to oneself, and whether the 24-hour funding rate change is positive.

Pros and Cons:

You can get high funding rate rewards
Suitable for mean reversion trading strategies
Active position management is required
Higher risk

Steps:

Go to the Market Page
Filter by Net Funding to find the best trading opportunities

With some research, you can discover quality trading opportunities.

Providing liquidity on Hyperliquid to earn income

@harmonixfi

Harmonix has now launched the HYPE “DeltaNeutral” vault, where users can deposit USDC to earn yield while receiving Hyperliquid points and Harmonix points.

The vault generates returns through funding rate income:

Half of the deposit is used to purchase Hyperliquid's native token HYPE

The other half also opens a HYPE short position for hedging

This is a Delta Neutral strategy that provides risk-free exposure to the Hyperliquid ecosystem, but the HYPE funding rate may change at any time, so the overall risk is medium.

Pros and Cons: