# DeFi Vaults Issue #69

*Finding Stablecoin Yields using Capital Efficiency (Volume/TVL) as a guide.*

By [Defi Vaults](https://paragraph.com/@defivaults) · 2023-10-09

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⚡️What’s new?⚡️
---------------

**🏆 Biggest Winners & Losers:** Blockchain's sorted by DEX Volume and TVL

🏦 **DeFi Yield Overview:** Stablecoin yields on multiple chains (Polygon, Ethereum, Arbitrum, Avalanche, and Optimism)

**⛓ On-chain Narrative:** Battle of the L2s: Base vs. Optimism

**💸 Stablecoin Yield Finder:** Using capital efficiency (Volume/TVL) to find yields

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**🏆** Biggest Winners & Losers
-------------------------------

**Total Value Locked (TVL)**

![](https://storage.googleapis.com/papyrus_images/fac4718fff8301dcf4592bf471c6c5b2.png)

Source: Artemis Terminal

**DEX Volume**

![](https://storage.googleapis.com/papyrus_images/fff75931a5fd0f42b7405721e6ce54b7.png)

Source: Artemis Terminal

🏦 Yield Overview
-----------------

### Liquid Staked Tokens

*   **MATICx LP** - 4.6% ([StaderLabs](https://www.staderlabs.com/))
    
*   **mSOL** - 8.14% ([Marinade.Finance](http://Marinade.Finance))
    
*   **sAVAX** - 5.97% ([BENQI](https://staking.benqi.fi/stake))
    
*   **frxETH - ~**3.8% ([Frax Finance](https://app.frax.finance/frxeth/stake))
    
*   **ETH+** - 3.2% ([Reserve Protocol](https://register.app/))
    

### Stablecoin **Yields List**

#### Ethereum

*   $eUSD+FRAX/USDC - **4.5% APY** ([CurveFinance](https://curve.fi/#/ethereum/pools/factory-v2-277/deposit))
    
*   $hyUSD/$eUSD - **8.3% APY** ([CurveFinance](https://curve.fi/#/ethereum/pools))
    
*   $MIM/$DAI/$USDC/$USDT - **6.13% APY** ([BeefyFinance](https://app.beefy.finance/vault/convex-mim))
    
*   $R-DAI - **9.87% APY** ([BeefyFinance](https://app.beefy.finance/vault/aura-r-dai))
    
*   $TUSD/$DAI/$USDC/$USDT - **2.22% APY** ([BeefyFinance](https://app.beefy.finance/vault/convex-tusd))
    
*   $USDT - **12.68% APY** ([IronBank](https://app.ib.xyz/lending))
    

#### **Polygon**

*   $DAI (gDAI vault) - **4.3% APY** ([GainsNetwork](https://gains.trade/vault))
    
*   $jEUR/$PAR - **7.2% APY** ([BeefyFinance](https://app.beefy.finance/vault/balancer-jeur-par-v2))
    
*   $MAI/$USDC - **8.3% APY** ([BeefyFinance](https://app.beefy.finance/vault/quick-gamma-usdc-mimatic-stable))
    

#### **Optimism**

*   $USDC (hot tub) - **1.6% APY** ([Perp Protocol](https://vaults.perp.com/arbeth-usdc))
    
*   $jEUR/$PAR - **7.43% APY** ([BeefyFinance](https://app.beefy.finance/vault/balancer-jeur-par-v2))
    
*   $LUSD/$DAI - **5% APY** ([BeefyFinance](https://app.beefy.finance/vault/velodrome-v2-lusd-dai))
    
*   $LUSD/$USDC - **3.4% APY** ([BeefyFinance](https://app.beefy.finance/vault/velodrome-v2-usdc-lusd))
    

*   $LUSD/$USDT - **3.9% APY** ([BeefyFinance](https://app.beefy.finance/vault/velodrome-v2-usdt-lusd))
    

#### **Avalanche**

*   $MIM/$USDT - **9.4% APY** ([TraderJoe](https://traderjoexyz.com/avalanche))
    
*   DAI.e/USDC - **1%** ([TraderJoe](https://traderjoexyz.com/avalanche/pool/v21/0xd586e7f844cea2f87f50152665bcbc2c279d8d70/0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e/1))
    

#### **Arbitrum**

*   $agEUR/$USDC.e - **3.6% APY** ([BeefyFinance](https://app.beefy.finance/vault/solidlizard-ageur-usdc))
    
*   $DAI - **4% APY** ([BeefyFinance](https://app.beefy.finance/vault/hop-arb-dai))
    
*   $MIM/$USDC.e/$USDT - **7.7% APY** ([BeefyFinance](https://app.beefy.finance/vault/spell-mim-crv))
    

**⛓ On-chain Narrative**
------------------------

**_Battle of the L2s: Base vs. Optimism_**

![](https://storage.googleapis.com/papyrus_images/489f39d456abe21b7b725532254f0443.png)

Source: L2 Beat

**Base**, an Ethereum layer-two (L2) blockchain developed by Coinbase, has been generating a lot of buzz, and TVL.

While Base has yet to surpass Optimism in Total Value Locked (TVL), the introduction of major DeFi protocols on Base is undeniably boosting its TVL. **Even though Base hasn't outperformed Optimism in TVL at this point, it has demonstrated impressive figures in terms of Daily Active Addresses and Transactions:**

![](https://storage.googleapis.com/papyrus_images/8109a2fa5937b55c79dcc306ca77e2c9.png)

Source: Artemis Terminal

Base's on-chain performance will be a key point of interest in the upcoming months. Nevertheless, it's worth noting that **Base's success will, in fact, have positive repercussions for Optimism. This is due to the fact that Base is built using the open-source OP Stack in partnership with Optimism.** Moreover, both networks have concurred that Base will allocate 15% of its net revenue towards supporting public goods on Optimism. Additionally, Base will have the potential to acquire up to 2.75% (equivalent to 118 million $OP) of the OP token supply over the course of the next six years.

**💸 Stablecoin Yield Finder**
------------------------------

**Capital efficiency, also known as the ratio of volume to Total Value Locked (TVL)**, is the most effective method for identifying optimal yields. A higher ratio signifies that the fees generated by the volume are in proportion to the TVL. Here's why:

*   Liquidity Providers (LPs) receive a percentage of the fees generated from the overall volume. Therefore, if there is an increase in volume to offset the Total Value Locked (TVL), it leads **to higher yields ⬆️**.
    

Let's use the capital efficient method to spot lucrative Stablecoin vaults on zkSyncEra. We can see the most capital efficient DEXs on zkSyncEra are as follows:

![](https://storage.googleapis.com/papyrus_images/a46e21141e793915ec030c80d4ddbf33.png)

Source: DefiLlama

### **Maverick Protocol Stablecoin yields**

![](https://storage.googleapis.com/papyrus_images/edc18044d61713961054ae0a8efff5ab.png)

![](https://storage.googleapis.com/papyrus_images/767236beb93874e6c89d0384f62f3bc3.png)

![](https://storage.googleapis.com/papyrus_images/904259cd6f46c2149b95b357c4aa31e3.png)

![](https://storage.googleapis.com/papyrus_images/207950d167a92af57ee9ffd859ae2046.png)

### **PancakeSwap Stablecoin yields**

![](https://storage.googleapis.com/papyrus_images/1da2dce0cd221770d9c05fa8ba1a73b7.png)

![](https://storage.googleapis.com/papyrus_images/a695900ce7130a9d184bce05e94d3a60.png)

![](https://storage.googleapis.com/papyrus_images/808c768ca0dc6bac633691f84fe1083c.png)

![](https://storage.googleapis.com/papyrus_images/fb1ec1e3e8eb1cf57be44df4ab1bfc58.png)

### **zkSwap Finance Stablecoin yields**

![](https://storage.googleapis.com/papyrus_images/5014499558069039de8af995a1acb735.png)

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*Originally published on [Defi Vaults](https://paragraph.com/@defivaults/defi-vaults-issue-69)*