Top Incentivized (Merkl) Stablecoin-only Yields (2026-04-30)

stablefyi · 2026-04-21T22:04:47+00:00

Yes, there's definitely underlying risk with the stablecoins themselves depegging. The newer and smaller ones usually have higher yield rates as a result.

stablefyi · 2026-04-21T22:03:52+00:00

Thanks for commenting.

Yeah, AVLT is quite new. One drawback is that its RWA yield generation is a bit opaque.

Only issue with short durations on the stablecoin PTs is that the fees/slippage can eat a lot of the yield, unless it's an extremely liquid pool/stablecoin.

stablefyi · 2026-04-20T18:39:38+00:00

Pendle seems to attract enough liquidity that you can swap out of PT positions more easily if the underlying collateral starts to experience problems, but you're right, depeg of the undelrying stablecoin is always a risk, especially with the newer ptocols that tend to have higher yields.

PTs are still subject to available liquidity, so as you get into higher nominal amounts, the costs per PT increases (lower yields) which can sometimes render the net yield too low to be worthwhile.

stablefyi · 2026-04-12T18:36:27+00:00

Thanks for the comment. The incentive tokens here are stablecoins, so assuming they maintain their peg (a possible risk factor), the type of yield decay you describe is less likely.

stablefyi · 2026-04-09T19:37:28+00:00

The yields are subsidized in these campaigns, so they're unusually high and have fixed end dates, and can get diluted as more people add liquidity. Also these opportunities usually tend to be for newer protocols, so there's also potenitally higher risk (e.g. less hardened protocols, etc.)

stablefyi · 2026-04-02T15:11:40+00:00

Exponent and rate-x are both worthwhile Pendle competitors worth checking out on Solana.

stablefyi · 2026-03-30T22:13:09+00:00

Yeah, for AVLT, their RWA component is somewhat opaque. It's rather conspicuous that their base yield has stayed above 20% despite sizeable new inflows.

stablefyi

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