Weekly Yields

Rainforest Stack #008 Best DeFi Yields (Jan 5, 2024)

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Discover the latest in DeFi yields with Rainforest Stack. Uncover various strategies and opportunities in yield farming, presented in an easy-to-understand format for DeFi rookies and experienced farmers alike.

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Weekly Yields
One Click Crypto
January 5, 2024
Jan 5

Pain for the overleveraged apes. Over $1 billion of Bitcoin futures open interest was wiped out. Why? Matrixport released a report predicting the SEC will reject all ETF applications. The bad news is that anyone leveraged got annihilated. The good news is that this flush has reset open interest and funding rates to normal levels- a better foundation for a post-ETF approval rally.

Remember, it is a bull market, and dips are for buying. Always watch relative strength; altcoins that recover fastest post-flush will be the best horses to back. The usual suspects are in speedy recovery- $RUNE, $KAS, and $SEI- but leading the recovery rally is $ARB, $OP, and $LDO. A clear signal that the Q1 2024 trade is Ethereum.

Welcome to the Rainforest Stack. A guide for the intrepid into the dynamic world of DeFi yield.

Constituted of four distinct layers: undergrowth, understory, canopy, and the emergent layer. Each layer boasts a different level of risk broadly categorized in line with the Lindy effect- the longer something has survived, the more likely its continued existence becomes.

An impact with oversized ramifications in the crypto space where hundreds of new protocols live and die each quarter.

More details about the Layers of the Rainforest stack here.

Emergent Layer — Enduring Yields

  1. Pool: stETH on Lido. APY: 3.4%. TVL: $20.6b. Chain: Ethereum
  2. Pool: DAI on Maker (DSR). APY: 5%. TVL: $1.47b. Chain: Ethereum
  3. Pool: rETH on Rocket Pool. APY: 3.11%. TVL: $2.39b. Chain: Ethereum
  4. Pool: frxETH on Frax. APY: 3.9%. TVL: $672m. Chain: Ethereum
  5. Pool: GMX on GMX V1. APY: 2.61%. TVL: $349m. Chain: Arbitrum
  6. Pool: GLP on GMX V1. APY: 13.39%. TVL: $220m. Chain: Arbitrum
  7. Pool: USDC-ETH (0.05%) on Uniswap V3. APY: 52.35%. TVL: $135m. Chain: Ethereum
  8. Pool: DAI-USDC-USDT on Curve Finance. APY: 1.64%. TVL: $199m. Chain: Ethereum
  9. Pool: USDT on Stargate. APY: 7.98%. TVL: $24.63m. Chain: Ethereum
  10. Pool: WBTC-ETH (0.3%) on Uniswap V3. APY: 10.61%. TVL: $213m. Chain: Ethereum


Nearly $200 million in the Curve Finance pool, which seems absurd given the low APY and massive opportunity cost of holding stables in the current market conditions. Obviously there is still plenty of old money on Ethereum.

Fast recovery from $ETH and its beta plays shows appetite for an ETH-driven rally this quarter, and keep an eye open for the introduction of liquid restaking tokens. The best thing about $ETH rallies is the wealth creation effect and how quickly this capital gets deployed into DeFi, recharging yields across the board.

Notable Mentions

Pool: USDT on Aave V3. APY: 14.79%. TVL: $16.82m. Chain: Arbitrum

Pool: DAI on Aave V3. APY: 19.03%. TVL: $7.12m. Chain: Arbitrum

Continued high supply rates for stablecoins- especially on layer twos. Borrowers are happy to pay a premium for leveraged exposure. Double-digit yield with size- DeFi is finally healing.

Canopy Layer — Established Yields

  1. Pool: LINK-ETH (0.3%) on Uniswap V3. APY: 50.70%. TVL: $32m. Chain: Ethereum
  2. Pool: USDC-ETH (0.05%) on Uniswap V3. APY: 53.85%. TVL: $134m. Chain: Ethereum
  3. Pool: USDT-BNB (0.05%) on PancakeSwap. APY: 62.31%. TVL: $41.4m. Chain: Ethereum
  4. Pool: ETH-USDT (0.3%) on Uniswap V3. APY: 78.98%. TVL: $69.15m. Chain: Ethereum
  5. Pool: USDC-ETH (0.3%) on Uniswap V3. APY: 80%. TVL: $70.3m. Chain: Ethereum
  6. Pool: MKR-ETH (0.3%) on Uniswap V3. APY: 85.86%. TVL: $27.18m. Chain: Ethereum
  7. Pool: ETH-USDT (0.05%) on Uniswap V3. APY: 93.23%. TVL: $37.14m. Chain: Ethereum
  8. Pool: ETH-USDC (0.05%) on Uniswap V3. APY: 126.50%. TVL: $20.58m. Chain: Arbitrum
  9. Pool: ETH-USDT (0.05%) on PancakeSwap. APY: 37.82%. TVL:$14.63m. Chain: BNB
  10. Pool: SOL-USDC on GMX V2. APY: 52.87%. TVL: $22.95m. Chain: Arbitrum


ETH pairings remain incredibly strong across the board, and liquidity providers earn on the way up and on the way down. Tight liquidity pairings, only suitable for more experienced LPs, have been printing close to 3-digit annualized APYs.

SOL-USDC pairing on GMX is very attractive. Broadly speaking GMX is paying out great rates on blue chip pairings.

Notable Mentions

Pool: vDOT on Bifrost. APY: 20.78%. TVL: $30.47m. Chain: Polkadot

Liquid staking is growing increasingly popular across the ecosystem, and chains with high inflation rates (Polkadot and Cosmos chains) are great opportunities.

Pool: YCRV on Yearn. APY: 31.63%. TVL: $22.97m. Chain: Ethereum

DeFi dinosaurs returning? Yearn Finance is currently filled with a swathe of attractive yield opportunities. The strong performance of $YCRV is just a snapshot of the current activity, and several stablecoins vaults are paying out triple-digit APYs.

Understory Layer — More Unpredictable Yields

  1. Pool: GMX-ETH on Camelot. APY: 278.47%. TVL: $4.6m. Chain: Arbitrum
  2. Pool: WETH-AVAX (0.1%) on TraderJoe. APY: 274.23%. TVL: $2.7m. Chain: Avalanche
  3. Pool: AVAX-USDC (0.2%) on TraderJoe. APY: 394.43%. TVL: $9.33m. Chain: Avalanche
  4. Pool: MUBI-ETH (1%) on Uniswap V3. APY: 493%. TVL: $7.14m. Chain: Ethereum
  5. Pool: ARB-USDC (0.05%) on Uniswap V3. APY: 755.76%. TVL: $4.16m. Chain: Arbitrum
  6. Pool: ETH-ARB on Gamma. APY: 844.18%. TVL: $2.7m. Chain: Arbitrum
  7. Pool: ARB-ETH (0.1%) on TraderJoe. APY: 305.42%. TVL: $15.47m. Chain: Ethereum
  8. Pool: ARB-ETH on Camelot. APY: 824.64%. TVL: $5.35m. Chain: Arbitrum
  9. Pool: SOL-WIF on Orca. APY: 992.27%. TVL: $2.66m. Chain: Solana
  10. Pool: ETH-INJ (0.3%) on Uniswap V3. APY: 241.70%. TVL: $2.13m. Chain: Ethereum


AVAX-USDC continues paying out outrageous yields, and TraderJoe’s liquidity book model is arguably the best place for skilled LPs to earn fees.

Camelot pairings have been pumping out swap fees as ETH beta plays rally, and despite being the front page DEX of Arbitrum, the native token $GRAIL only has a $30 million market cap.

Notable Mentions

https://app.naviprotocol.io/details?id=0&coinType=0x2::sui::SUI SUI

Pool: JOE on MerchantMoe. APY: N/A TVL: $9m Chain: Mantle

The $MOE TGE event will be on the 8th of January, and all $JOE holders staking on Merchant Moe (Mantle network) will receive 2.5% of the total supply.

Pool: TIA Staking on Keplr. APY: 16.57% TVL: N/A Chain: Celestia

TIA staking is the gift that keeps giving. Anybody who staked will have received the $DYM airdrop. Check eligibility here.

Undergrowth Layer — Newest Players / Highest Risk

  1. Pool: WIF-SOL (1%) on Kamino. APY: 751,424%. TVL: $12,000. Chain: Solana
  2. Pool: SHEKEL-SOL on Raydium. APY: 27,634%. TVL: $19,000. Chain: Solana
  3. Pool: DRAGOL-SOL on Raydium. APY: 32,712%. TVL: $11,000. Chain: Solana
  4. Pool: NEWYEAR-SOL on Raydium. APY: 51,389%. TVL: $12,000. Chain: Solana
  5. Pool: CYC-SOL on Raydium. APY: 63,955%. TVL: $10,000. Chain: Solana
  6. Pool: SOL-AKINATOR on Raydium. APY: 148,151%. TVL: $10,000. Chain: Solana
  7. Pool: AI-USDC on Orca. APY: 7,453%. TVL: $21,000. Chain: Solana
  8. Pool: SOL-BORK on Orca. APY: 19,774%. TVL: $28,000. Chain: Solana
  9. Pool: USDC-MYRO on Orca. APY: 18,484%. TVL: $23,400. Chain: Solana
  10. Pool: SOL-BUNK on Orca. APY: 23,270%. TVL: $21,000. Chain: Solana


All the truly degenerate yields are still on Solana shitcoins. Providing liquidity to these pairings is a thankless endeavor. LPs should only be providing liquidity in brief stints on the way up.

WIF-SOL pairing has been paying out incredible yields following a flurry of buying and selling. Providing liquidity to memecoins that break out of the bottom rankings (market cap $10m+) at key support levels is highly lucrative.

Notable Mentions

Pool: SEIGA-SEI on Astroport. APY: 300%. TVL: $228,000m. Chain: SEI

Pool: METH on Mantle. APY: 7.2%. TVL: $365m. Chain: Mantle

SEI is the only other chain boasting a memecoin renaissance, and getting to grips with the chain now will pay its own benefits. It was one of the fastest recoverers, and users adept in using the chain will be ahead of the rest as the parallelized EVM narrative grows.

Mantle has launched its own liquid staking program and doubled the base yield. How has it doubled payouts? It accrued stETH rewards in its Treasury and is now distributing them in boosted yield to early users of $METH. Classic liquidity mining incentive.

P.S.: would you like to explore the most interesting DeFi yield opportunities and airdrops in real time?

Instead of manually reviewing dozens of web pages and searching for the best yields, you can use DeFi analytics & aggregator One Click Crypto.

One Click Crypto is the front page of DeFi yield where you can explore 20,000+ yield farming opportunities from 14+ networks, all in one place. It also has an embedded AI portfolio builder that can help craft a personalized strategy tailored individually for you.

Here’s an example of a portfolio on the Arbitrum chain generated by One Click Crypto:

Sign up for One Click Crypto today and gain access to 20,000+ yield farming opportunities on all blockchains — https://defi.oneclick.fi/

Disclaimer: This article, including insights on the “Rainforest Stack” and other DeFi strategies, is for informational purposes only and should not be considered as financial advice, investment recommendations, or an endorsement of any particular investment or strategy. The cryptocurrency and DeFi markets are highly volatile and unpredictable. Past performance is not indicative of future results. One Click Crypto makes no representations or warranties regarding the accuracy, completeness, or timeliness of the information provided. Readers should conduct their own research and consult with independent financial advisors before making any investment decisions. By using this information, you agree that One Click Crypto is not liable for any losses or damages arising from your investment choices.

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