Main meals

• The restricted ETHEREUM revenue has decreased less than 3 %, and put it behind many Defi and RWA protocols.

• Load -like Stablecoins such as SusDE and ShuPusdc now provide revenue from 4 to 6.5 % and quickly gained market share.

• Most of the competing return products are built on ETHEREUM, which means that high adoption can still enhance the value of the network over time.

Fixed income is no longer only for Tradfi anymore. Onchain Rivel has become an essential pillar of encryption, ETHEREUM, the largest group of proof, sits in the center. Its economy depends on users closing ETH (ETH) to help secure the network, and in return, earn the return.

However, Ethereum is not the only game in the city. Today, Crypto users can reach a growing variety of return -bearing products, some of which compete directly with translated ETHEREM revenues, and may weaken Blockchain. The carrier -carrier standoins provides greater flexibility and traditional financing, with revenues related to the United States Treasury and artificial strategies.

At the same time, the DEFI lending protocols expanded assets and risk definition files available to depositors. Both often offer higher returns than Ethereum Stokeing, which raises an important question: Does Ethereum quietly lose the battle of the return?

The return on the return on Ethereum decreases

Staking Ethereum is the return that the auditors have obtained to secure the network. It comes from two sources: consensus bonuses and the rewards bonuses.

The consensus bonuses are released by the protocol and depends on the total spelling amount. The higher the ETH number over the network, the less the reward for each verification, depending on the design. The formula follows the reverse square root curve, ensuring the decrease in the returns with more capital entering the system. The implementation layer rewards include priority fees (which users pay to include their transactions in blocks) and MEV (the maximum extract value), which is an additional profit gain from the improved transactions. These additional rewards fluctuate based on the use of the network and the auditor’s strategy.

Since the merger in September 2022, the ethereum crop has gradually decreased. From about 5.3 % at its peak, the total return (including both the rewards and advice of consensus) now sitting less than 3 %, reflecting the high level of morals and a ripe network. In fact, it has become more than 35 million ETH, or 28 % of its total supplies, now.

However, only the full return of individuals – those who run their contract and close 32 ETH. While they keep 100 % rewards, they also bear the responsibility for staying on the Internet, maintaining devices, and avoiding penalties. Most users choose more convenient options, such as liquid liquid protocols such as Lido or guard services provided by stock exchanges. These platforms simplify access but fees – generally between 10 % and 25 % – which reduces the ultimate return of the user.

Although Ethereum Sub-3 % may seem modest, it continues to compare positively to its nearest competitor, Solana, where the APY intermediate network is currently about 2.5 % (the top of APY 7 %). In real phrases, ETHEREUM’s return seems better: its net enlargement is only 0.7 %, compared to Solana 4.5 %, which means that exporting on ETHEREUM faces less mitigating over time. But the main challenge of Ethereum is not the other Blockchains-it is the appearance of protocols carrying alternative positions.

The market share that carries the share in the market

Stablecoins, which carries users, allows significant assets of dollars while obtaining a negative income, and is usually derived from American treasury bills or artificial strategies. Unlike traditional Stablecoins like USDC or USDT, which does not pay any return for users, these new tools distribute part of their basic returns.

The five largest stablecoins -usde, SUSDS, Syrupusdc, USDY and OUSG- increases more than 70 % of the market of $ 11.4 billion, and the use of different ways to generate the return.

SusDE, which is issued by ETHENA, a company backed by Blackrock, depends on the neutral strategy of the artificial Delta that includes ETHET and rewards. I have handed over some of the highest revenue in encryption, with historical prices ranging from 10 % to 25 % April. Although current returns have decreased to about 6 %, SusDE still outperforms most competitors, although they come with a high risk due to its complex market -based strategy.

Susds, developed by Reflexer and Sky (former Makerdao), is supported by SDAI and RWAS (the origins of the distinctive real world). Its return is more conservative – currently 4.5 % – focusing on decentralization and risk alleviation.

Issued by maple financing, shupusdc lines lead to distinctive treasury bonds and MEV strategies. She has offered two numbers at launch, but now gives 6.5 %, and is still higher than the most central alternatives.

Usdy, issued by Oondo Finance, carries the short term code and achieves 4.3 %, targets institutions with a low -risk regulatory profile. OUSG is also supported by ONDO, by ETF for the short -term Ministry of Treasury in Blackrock and offers about 4 % return, with full KYC requirements and strong compliance concentration.

The main differences through these products lie in their guarantees (synthetic versus the real world), risk appearance, and access. Susde, Syrupusdc and Susds are completely equal and do not make them, while USDy and OSG require Kyc and Cater for institutional users.

Stablecoins, which carries surgery, is rapidly gaining traction, combining the stability of the dollar and the chances of the return once they are booked to institutions. This sector grew by 235 % during the past year, and with the increased demand for fixed income on ONCHIN, no signs of slowdown appear.

Related to: The problem of deep liquidity in Traffi is the silent structural risk of Crypto

Defi’s lending is still focused on Ethereum

Decentralized lending platforms such as AAVE, Corpound and Morpho allow users to win the return by providing encryption assets to lending pools. These protocols determine the prices of algorithm based on supply and demand. When the demand for borrowing rises, interest rates as well, which makes Defi lending more dynamic – often not related to traditional markets.

The SAINLONK Defi Revenue Index, which tracks the average lending revenue via major platforms, shows the Stablecoin lending rates usually hovering about 5 % for USDC and 3.8 % for USDT. The return tends to rise through bull markets or speculative jackets – such as February to March and November 2024 – when demand rises.

Compared to banks, which adjust prices based on the central bank’s policy and credit risks, the lending motivation is driven by the market. This creates opportunities for high returns, but also exposes lenders to unique risks, such as smart contract errors, Oracle failure, price manipulation, and liquidity profits.

However, it is paradoxes, that many of these same products are based on ETHEREUM itself. Standoins holding positions, distinctive cabinets, and DEFI lending protocols depend to a large extent on the ETHEREM infrastructure, and in some cases, ETH is merged directly into the return strategies.

Ethereum is still the most reliable chosen between traditional financial players and encryption, and continues to host Defi and RWAS. With these adoption sectors gain, they increase the use of the network, enhance transactions fees, and indirectly enhance the value of ETH. In this sense, Ethereum may not lose the battle of the return – it may simply win it differently.

This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.