BitHappy

The performance of this on-chain liquidation is better than that of exchanges, especially in the lending aspect.

This is mainly due to the design of protocols like Ethena and AAVE, which, in order to increase TVL, encourage circular lending and fix the value of lending assets to collateral assets at a ratio of 1:1.

For instance, the circular lending of USDT and USDe on Aave previously had no liquidation risk due to the use of a fixed oracle, coupled with subsidy activities at that time, which raised the TVL by billions in just a few days.

This mechanism has also driven almost all stablecoins to be fixed at a ratio of 1:1 in the oracles of lending protocols.

Therefore, most users involved in this on-chain stablecoin circular lending have come through largely unscathed.

However, the most severe liquidation losses for USDe occurred on Binance.

On one hand, Binance launched a promotion offering 12% interest on USDe, attracting a large number of whales to participate in circular lending (resulting in almost total losses). On the other hand, USDe can also be used as contract margin.

I just saw a big shot analyze that this waterfall event was triggered by the chain reaction of USDe liquidations, but the post has already been deleted.

Latest news: Binance will compensate users affected by USDe, BNSOL, and WBETH.

Many people in the community are participating in USDD!

So I've been working hard on three step-by-step tutorials, covering quite a few details～

For example:

1/

Q: How to form an LP with sUSDD, which is a yield-bearing token?

A: Estimate the future price increase over the next 3-7 days using annualized calculation, then set the LP range accordingly.

2/

Q: sUSDD comes with built-in yield—can you create an LP with sUSDD alone?

A: Theoretically possible, but practically limited by Merkl's incentive rules—sUSDD's yield share is only half of USDT's, so the difference is negligible.

3/

Q: When acquiring USDD, should you choose Swap or official minting?

A: For a few thousand U, direct Swap is fine, but Swap fees become too high for amounts over 5,000 U, so official minting is better.

4/

Q: On Merkl, there are four USDD incentive pools—how to choose?

A: They're essentially similar—quant experts have balanced the yields across the four pools, but choosing sUSDD still yields slightly higher returns.

5/

Q: Should you choose Binance USDD or form an LP?

A: It doesn't really matter—risk levels are basically the same either way.

6/

Q: Why create these tutorials?

A: For beginners.

7/

Q: Between Binance USD1's 20% and HTX U's 20%, which one should be allocated to USDD with 10%+?

A: Binance has a single-account limit of 50,000 U, HTX has 100,000 U per account. Many in the community still have funds without a clear destination, and once they've staked U, they find staking USDD equally reasonable.

The above content and the following tutorials are intended to be helpful.

Binance USDD Activity Tutorial: https://www.generallink.top/zh-CN/square/post/34976936128226

Merkl USDD Activity Tutorial: https://www.generallink.top/zh-CN/square/post/34837991466721

Merkl sUSDD Activity Tutorial: https://www.generallink.top/zh-CN/square/post/34891032320961

Note: The above information is for sharing purposes only and not investment advice—please conduct your own research!

DeFi Enthusiast: BitHappy

Some thoughts on buying KYC accounts

Recently, community members have been discussing a post on X about accounts being frozen due to purchasing KYC.

One member said: If you buy someone else's KYC, you must accept the risk of losing your funds.

He also shared his own experience: He chose to buy KYC for arbitrage purposes, but shortly after the purchase, someone contacted customer service in the middle of the night to reset the account password, email, and 2FA. Fortunately, he received an alert about the email change in time and quickly transferred his funds, otherwise he would have been in serious danger.

Today, CEX compliance is a growing trend, and KYC reviews are becoming increasingly strict. Buying accounts through gray-market methods will become harder to sustain in the future. Once platform risk controls are upgraded, accounts may be frozen, moved to manual review, and require additional documentation. If unable to provide proof, the account could ultimately be permanently locked.

We sympathize with the situation this member faced, and want to remind anyone still using purchased KYC accounts: Please transfer all funds out as soon as possible! Move them to an account or wallet you personally control, which you've registered yourself, with facial recognition, real-name verification, and full ownership.

If you must buy a KYC account due to unavoidable circumstances to participate in a project, make sure you register your own account and enable 2FA and other verification methods before completing KYC. Avoid blindly using ready-made accounts. That way, even if issues arise, you still have time to take corrective action.

Not Your KEY, Not Your Coin.

Not Your KYC, Not Your Money.

X (Twitter) is about to support direct token purchases via the $ tag!

Solana's official Twitter announced that Solana will be fully integrated soon!

Once implemented, this is sure to bring new growth to the crypto space, marking another significant moment of mainstream acceptance.

Will this move by X spark a bull market in 2026?

Recalling the Blinks trend that was popular in early 2024, many companies tried to launch similar features using Blinks, but they ultimately failed to gain widespread attention, with only a few wallet extensions continuing development.

Back then, purchasing tokens directly via Twitter tags required installing a specific browser extension.

In the smartphone era, most people now browse Twitter on mobile devices rather than computers, making Blinks much harder to promote.

In contrast, Twitter's latest step is a major leap forward. But will other blockchains and protocols follow, besides Solana?

According to screenshots shared by Nikitabier, X's product lead, support for Base and Ethereum also appears to be in place.

Also, I remember that when Musk acquired Twitter, CZ provided financial support.

Will X form even tighter collaboration with BNB Chain in the future?

The risk of holding USDD and providing liquidity for USDD-related pairs in Binance Wallet is almost the same!

The risks are basically all related to USDD, such as de-pegging or inability to redeem in time.

In other words, if you're willing to participate in Binance's USDD activities, there's no need to worry about providing liquidity.

Are there any potential risks with USDD currently? Yes, there are!

For example, after USDD updated its interest rate rules (interest rates will be reduced based on TVL tiers) the night before yesterday, a user pointed out that the redemption capacity for USDD on Ethereum was only 166 million, while the TVL was 349 million.

This means there could be a 'stampede' risk if Binance's activity ends.

Although there are also activities on Merkl, its TVL is too low to have a significant impact.

Note: The above is for informational purposes only and not investment advice. Please do your own research!

DeFi Enthusiast: BitHappy

Sung哥没有割，但Sung哥下调了利率！

Last night, the base interest rate for $USDD suddenly dropped, from the original 12% base rate to a maximum of 8%, gradually decreasing based on TVL volume, down to a minimum of 6%.

Currently, it's still 8% on Ethereum, which is the chain where the Binance Wallet event is taking place, so the annual yield is now only 10.5%.

I was originally thinking that with the second season of the Binance Wallet event starting today, there would be another big giveaway, pushing the annual yield to around 15%.

But who would have thought, unexpected turn of events—thankfully, USDD's strategy isn't limited to the Binance event, they've changed tactics!

HTX's $U, won't you be doing something similar in a few days?

Disclaimer: The above is for informational purposes only and not investment advice—please do your own research!

DeFi Enthusiast: BitHappy

Originally, I was a bit nervous about Sun Ge, like the 13% of USDD and 20% of U.

But after observing the community members' chats over the past period, I found that many people are actually staking USDD and U.

In the recent verification addresses from the big player group, several of them also hold USDD, basically making them fellow travelers in the community.

Of course, the community members haven't been idle either—they've set up monitoring for both USDD and U, which is probably what reputation is all about, 🤣

In short, up to now, Sun Ge has indeed distributed a large amount of $USDD and $U.

Hopefully, we can all exit safely～

Note: The above is for informational purposes only and not investment advice. Please conduct your own research!

DeFi Enthusiast: BitHappy

When participating in Binance USD1 20% annual event for lending and borrowing, there are many available currencies and collateral types to choose from.

PT-USDe is selected as collateral because PT itself generates interest, giving it an advantage over USDT/USDC, BNB, or BTC.

Other similar interest-bearing assets include asUSDF.

Of course, choosing PT-USDe also carries certain risks and wear, such as exchanging USDT for PT-USDe and then converting PT-USDe back to USDT later.

However, overall, these risks remain within manageable limits.

Additionally, while writing this reference tutorial, it was discovered that borrowing USD1 with PT-USDe allows for revolving lending, with a single interest rate of 3.8%.

I originally intended to try it out, and luckily, a community member was also discussing this strategy.

One of them advised against it!

The reason is that the current ENA price is still at a previous low level, while USDe only has points and no low-interest option, so the interest rate of PT-USDe mainly depends on ENA's price. If the market recovers, PT's interest rate will rise. At that point, not only will the collateral value decline, but the borrowing interest rate will also increase, making it counterproductive.

The logic and reasoning are solid, so I ultimately gave up on the revolving idea.

Although the market is neither clearly bearish nor bullish right now, ENA's price has indeed dropped significantly compared to before.

Therefore, I'd like to remind those currently using or planning to try revolving strategies to proceed with extra caution.

#USD1理财最佳策略ListaDAO @ListaDAO $LISTA

Note: The above information is for sharing only and not investment advice. Please conduct your own research!

DeFi Enthusiast: BitHappy

StandX has launched new rules for hanging order points～

In summary: the larger the hanging order amount, the longer the time, and the closer to the market price, the more points you will earn.

Here, I’d like to mention that the community technical team’s hanging order robot is now online and operational!

➤ Specific rules for hanging order points:

1/ Order value: the larger the order, the more points;

2/ Hanging order duration: the longer the hanging order time, the more points, must be greater than 3 seconds;

3/ Hanging order price: the closer it is to the market price, the higher the weight, the ranges are as follows:

- 0–10 bps = 100%

- 10–30 bps = 50%

- 30–100 bps = 10%

Points increase according to conditions, but risks still exist.

The greatest uncertainty lies in the difficulty of predicting market conditions; if the direction is wrong, the order will be executed for real!

Fortunately, the API point acquisition efficiency of StandX is consistent with manual operation.

So, everyone, let AI improve strategies and implement automation with code directly!

Note: The above is just information sharing and not investment advice, please make sure to do your own research!

Happy Planet Community & BitHappy

Bluefin and Ant Group's TopNod jointly launched a 14% APY that is no longer appealing～

This mine has been open for just a week, with a total quota of 7M, and it is still not fully deposited.

➤ Estimated reasons:

1/ TopNod's Ant background has not been officially announced;

2/ TopNod cannot use hardware wallets, and people are naturally distrustful of new wallets;

3/ Binance's USD1 20% and Huobi U 20% have taken away the majority of deposits;

4/ Sui had frequent incidents in the second half of 2025;

5/ The DeFi crisis has not yet been overcome by everyone.

To be honest, if this were last year, it would have been full by now, but the above Buffs do indeed add up.

Note: The above is for information sharing only and is not investment advice. Please make sure to do your own research!

DeFi enthusiasts: BitHappy

The underlying logic of dual currency winning～

Recently, I've often seen everyone complaining about dual currency winning, but in fact, the essence of dual currency winning is not about storing coins, but rather packaging a segment of options structure into a simple button.

The core difference is the Knock-Out mechanism.

1/ What exactly is the Knock-Out mechanism:

Ordinary options look at the result at expiration, while the Knock-Out mechanism looks at the path along the way. Once the Barrier Level is triggered, the product is directly knocked out and ends, no longer exposed to future market conditions.

So the Knock-Out mechanism is more like exchanging "potentially earning more" for the right to "wrap up earlier," earning the interval premium rather than trend profit.

2/ Misunderstandings and drawbacks of the Knock-Out mechanism:

The Knock-Out mechanism eliminates the tail risk that issuers fear the most, so the premium is usually cheaper, and the annualized rate looks more appealing.

But the cost is also very straightforward: once triggered, it ends, and even if the market continues to rise or fall afterward, it has nothing to do with you, which is the source of the commonly said "fear of missing out" and "feeling trapped."

3/ The scarcity of the Knock-Out mechanism:

Many friends will ask if they can replicate it using spot + perpetual + options, and the answer is that it's possible to do something similar, but it's hard to achieve equivalence.

The Knock-Out mechanism usually requires OTC counterparties, terms, and clearing systems to function normally. Coupled with slippage, transaction fees, and margin consumption in multi-leg trades, the premiums in practice can be significantly eroded by friction costs. Exchanges provide low-fee pathways for everyone, earning commissions to achieve a win-win situation.

4/ Personal understanding of dual currency winning:

Dual currency winning is indeed not suitable for one-sided markets because it is a structure for collecting premiums. The goal is to earn money in intervals, making it more suitable for volatile markets, and requires users to have their own judgment about the market.

In addition, it is also suitable for bottom-fishing enthusiasts, as buying spot at a price they can accept yields slightly more income than purely placing limit orders.

Note: The above is for information sharing only, not investment advice, and please make sure to do your own research!

DeFi enthusiasts: BitHappy

Hey, the narrow range of gold LP has already gone out of the range.

Originally thought it could be comfortable for another weekend, but unexpectedly the US suddenly launched airstrikes on Venezuela.

Speculation: Market risk aversion is heating up, everyone wants to buy gold, but the market is closed over the weekend, traditional channels cannot operate, so they can only turn to on-chain gold?

So, since it has risen in advance, is there any arbitrage space?🤔

From the community: cbETH/ETH low volatility pool, currently tested at about 20% APR～

The mining pool is located in Aerodrome. Although the interface shows an APR exceeding 56%, the actual test results from community partners are around 20%.

cbETH is a liquid staking token issued by Coinbase, where 1 cbETH corresponds to 1 staked ETH and continuously accumulated staking rewards, with an annualized rate of about 2.77% - 2.78%.

Therefore, the price of cbETH does not completely correspond to ETH at a 1:1 ratio.

A more hassle-free way to participate: first, estimate the increase of cbETH before forming an LP; second, set a minimum range and make automatic or manual adjustments by monitoring whether the range is breached.

Whether it's the protocol itself or the tokens involved in the pool, they can basically be regarded as core assets of Coinbase, with overall risk relatively low.

In addition, since the community launched a mechanism that rewards $100 for providing valid information, the atmosphere has noticeably improved, and everyone is welcome to join.

Everyone's sharing will be recorded in the community channel and on Twitter, with community members voting at the end of each month to decide which information receives rewards, distributed on the 1st of the following month.

In other words, the value of information is collectively assessed by the community, while I am only responsible for distributing funds～

Note: The above is for information sharing only and is not investment advice. Please do your own research!

DeFi enthusiasts: BitHappy