Q4 farming usdai Main farm post plasma among many, hits multiple hot tradfi narratives with ai datacenters buildout craziness. Usdai is supposed to be purely tbill backed for the foreseeable future meaning gpu backed loans risk *should* be isolated. Theres been a lot of ways to play this, project is very dynamic in terms of implementing quick changes. Short term opportunities were minting 1:1 + selling overpeg a few days later, buying post mint at peg on plasma + looping and/or combining with PT loops. In the mean time there were a lot of adjustments to the strategies in terms of multipliers + peg volatility. For TGE exposure without babysitting fluid vaults seem to be by far the best. In current form these are simply usdt usdt loops (yes) because usdai is trading overpeg so its above usdai<>usdt smart collateral concentrated lp upper range. Unfortunately as a result 10x multi was nerfed to 5x -.- . This hopefully goes back to 10x soon with a teased cap raise. Base case is 10x multi could be around 10% apr, so needless to say at 7x loop with sub 1% net borrow this would be goated. Perp Dexes I've been mentioning this for many months now, rn its a pretty consensus bet -> more difficult to farm effectively but you know you're not getting 200M fdv launches so pretty easy to do the math on the potential payouts, especially with otc markets getting more and more action. Objectively a lot of micromanaging if you want peak performance + oct 10th events were traumatizing for many ppl. Need to adjust your risk parameters after what happened, choosing vol vs OI platforms matters a lot depending on your wallet size. As a side note I noticed that Lighter vault is becoming a popular destination to park your stables. Need to have good stack of points to make it worthwhile coz its points gated. Ventuals High risk high reward, optionality on prediction markets meta + hip3 confluence with super asymmetric payoff for early depositors (nfts + 10x higher multi than base + 5x first week points). It was pretty clear this was gonna go above tier1 (500k hype) meaning smooth redemptions. I was surprised to see this wasnt filled in one block, I guess oct 10th + viral fud post from a prominent ct account made an impact. Putting this in high risk coz 1) product might not get traction, 2) hip3 is untested 3) their vault architecture is novel. Ethena Even though the most recent yield print is disastrous (2.5%), I know a lot of smart ppl are still holding their loops (fluid has been full for ages now) in absence of other opportunities. Obviously 80%+ apr as was the case for prev season is not coming back, but ethena proved to be one of the most resilient high capacity farms for years now so ppl stick to what worked in the past. Theo Seems like a pretty safe bet, a lot of ppl migrated here from openeden (which interestingly turned out quite nicely coz of the insane launch valuation). Not much else to add, a comfy risk off farm with probably quite limited upside. Bonus Opportunistic short term high yield like euler on plasma, pt loops when IY spikes, hyperevm with short term khype depeg arbs, icos with great terms etc. Other than that some new stuff like tradexyz, neutrl, andre new invention and new stablecoin chains. ...