Stablewatch Yield Dashboard For Plasma
Plasma mainnet is upon us, and with that, the wide array of yield opportunities that have launched on the chain become available for mass participation. These protocols will make the backbone of the yield ecosystem on Plasma, facilitating capital flow from holders of stablecoins to the best risk adjusted yield opportunities available.
Stablewatch in partnership with Plasma has developed a dedicated yield dashboard for the ecosystem, to allow users to easily compare stablecoin yield. The benefits of open permissionless finance can only accrue to users who are acquainted with the opportunities on offer. Our dashboard will help Plasma users to make informed decisions about their capital allocation.
Plasma Yield Dashboard
The dashboard offers many personalisation options, allowing participants to precisely filter the opportunities. Users can filter by fundamental metrics like token type, issuing protocol, as well as TVL (Total Value Locked) and APY (Annual Percentage Yield) range. For an even more detailed view, they can filter by categories such as holding a yield-bearing token, providing liquidity to protocols operating swaps and borrowing, or lending activity on lending protocols. Finally, a dedicated toggle isolates opportunities with Merkle-enabled XPL rewards, and a search bar allows for direct queries across the entire dashboard.
Furthermore the Trending and New tabs allow users to find emerging opportunities and products popular with other Plasma natives.
The V1 of the dashboard released today presents figures including:
- TVL: The total amount of dollar value locked within the selected protocol, this is presented with the numbers for the change in TVL in the past 24 hours and the past week.
- APY: This states the annualised interest accrued on a particular financial instrument based on current figures.
- Rewards: Whether an opportunity is incentivised through XPL rewards.
Opening up a row in the table gives a broader overview on the given yield bearing product. This includes an explanation of the yield mechanism, and an estimated earning calculator showing yield over a week, month and year. These are supplemented by graphs showing historical APY and TVL, to provide context to current figures.
Yield Opportunities on Plasma
As articulated by the Plasma Head of Ecosystem Vinny the focus of their ecosystem growth efforts are reflected in four categories, each of which is indexed through the Stablewatch Yield Dashboard.
Vaults: These consumer oriented products allow users to access yield without having to navigate the complexities of onchain finance. Over time, Plasma vaults are intended to sit under apps, wallets, and fintech toolkits, enabling seamless access to savings. These vaults allocate user funds to the best risk-adjusted opportunities on Plasma.
Currently the main available opportunity is Veda’s USDT0 vault, which can be viewed on the yield dashboard. Additionally, Term Finance has launched their allocator vault, which earns interest through fixed term loans via onchain auctions.
Lending & Borrowing: Money markets are a core part of any burgeoning onchain ecosystem, hence Plasma has made an effort to onboard leading providers to facilitate both lending and borrowing on the chain. Plasma anticipates that the vast number of retail participants coming to the chain for payments will form the backbone of lending, while DeFi participants will be drawn to its preferential borrowing rates. These markets earn yields for lenders through the interest paid by borrowers.
The main providers operating currently on Plasma are Aave, Fluid and Euler with a number of markets for USDT0, (s)USDe and ETH derivatives.
Stableswap DEXs: Capital markets facilitating swaps between dollar-pegged assets are integral to the success of a multi-stablecoin ecosystem. These turn the liquidity provided by yield seeking users into tight spreads for swappers resulting in minimal slippage. Here, the Plasma team has also opted for onboarding the market leaders in stablecoin swaps. Stableswaps earn yield for liquidity providers through fees paid by the swappers.
The current landscape for providers includes Balancer, Uniswap, and Curve, with a number of available opportunities for depositing assets ranging from stablecoins to the native Plasma XPL token.
Yield Bearing Stablecoin & Assets: Stablecoins enable seamless financing for a range of activities. Projects aiming to raise this capital issue a receipt token that continuously accrues interest. This token effectively represents a loan from the user, and the interest is the payment for that capital. This is the basis of yield bearing stablecoins, a range of which have made Plasma their home.
Currently the yield bearing assets that have launched on Plasma are Maple’s SyrupUSDT, generating yield on Bitcoin backed institutional loans; Ethena’s sUSDe and Resolv’s stUSR, which generate yield capturing perpetual future funding rates; and finally USDAI’s sUSDai, which generates yield through loans using AI infrastructure as collateral.
Dashboard Roadmap
Stablewatch has committed to become the go to resource for yield and risk management data on Plasma. To that extent, a number of further developments are planned for the Plasma Yield Dashboard. The roadmap includes:
- Bringing our YPO (Yield Paid Out) metric to Plasma, allowing users to see exactly how much protocols are really paying out to their users.
- Stablewatch benchmark for Plasma yield, in addition to category specific benchmarks.
- Interactive interface to directly compare yields, TVL and YPO from Plasma opportunities.
- Stablewatch risk framework detailed for each yield opportunity.