After Ethena, another high-potential airdrop for stablecoins: usdx.money

ListaDao and Ethena have not seen any new high-potential airdrops for a long time, especially since those who followed ListaDao have generally made profits. Today, I discovered a high-potential project, usdx.money, which, after speed testing, shows a direct yield exceeding that of Ethena without considering airdrops.

Those who often participate in airdrops with me know that my focus throughout 2024 has been on the BTC ecosystem, MOVE ecosystem, stablecoins, and other sectors. Both ListaDao and Ethena belong to stablecoin projects and have already generated high returns in 2024.
I have introduced other sectors, and today we will focus on stablecoin projects. The main content of this article includes:

• Why capital is optimistic about stablecoin projects
• Why usdx.money has a higher yield than Ethena
• usdx.money Airdrop Tutorial
• Maximizing returns using ListaDao

1. Why capital is optimistic about stablecoin projects
Let me start with some news: Recently, Tether disclosed its Q2 2024 financial report. The data shows that its net operating profit for the second quarter reached $1.3 billion, with a cumulative net profit of $5.2 billion for the first half of 2024, averaging about $30 million in net profit per day. Tether's performance demonstrates the terrifying capital-absorbing ability of the stablecoin sector.

Stablecoins have always been an important tool for Web3 and traditional finance, with a total market capitalization of about $200 billion, accounting for 5.8% of the total cryptocurrency market.
With such a large market, Tether holds 75% of the share. Tether is a centralized institution, and the high daily net profit of $30 million has not benefited USDT holders; these profits belong entirely to Tether. This contradicts the "profit-sharing" spirit of Web3, so developers have never stopped laying out stablecoin projects.
Currently, stablecoins can be divided into fiat-collateralized, cryptocurrency-collateralized, and algorithmic stablecoins. Algorithmic stability may take a long time to verify. Ethena has already run through by providing synthetic dollar stablecoins, while Usual issues RWA stablecoins by aggregating various U.S. Treasury bond tokens.
Stable Labs has introduced a new game rule through usdx.money by leveraging the strengths of various projects. Its design, which combines high yield with low risk, not only provides users with more attractive investment opportunities but also injects innovative momentum into the stablecoin market.
2. Why usdx.money has a higher yield than Ethena
(1) usdx.money Overview
According to public information, Stables Labs is a project created by a group of DeFi OGs, which began operating its strategies during the DeFi Summer of 2020. Calculations show that from June 2020 to September 30, 2024, its stablecoins have an annual investment return rate of nearly 28%, with a total investment return rate of 290%.

usdx.money is a stablecoin issuance protocol launched by Stables Labs. Recently, the protocol announced the completion of a $45 million financing round, with investors including Dragonfly Capital, Jeneration Capital, NGC, BAI Capital, Generative Ventures, and UOB Venture Management, with a valuation of up to $275 million.
(2) Differences between usdx.money and Ethena
Ethena generates income through a delta-neutral investment strategy, primarily shorting value coins like ETH and using contract hedging to achieve a seesaw balance, ultimately creating a native decentralized equivalent collateralized synthetic dollar.

Unlike other stablecoin projects, usdx.money generates income through a delta-neutral investment portfolio strategy. The delta-neutral investment portfolio strategy of usdx.money mainly achieves this through "multi-coin arbitrage" and "perpetual contract hedging mechanisms," establishing hedging positions between the spot market and the derivatives market to ensure that the overall value of the asset portfolio remains neutral to price fluctuations, thereby reducing market volatility risks.
Compared to Ethena, usdx.money offers a wider range of coin options, not limited to BTC and ETH. This flexibility brings a direct advantage of higher returns. For example, the annualized return of the delta-neutral strategy currently based on BTC is as high as 76.2%, while based on XRP, it can achieve an annualized return of up to 146.8%.

(3) Why usdx.money has a higher yield than Ethena
Ethena adopts a conservative strategy by including BTC and ETH in its investment targets. While this reduces potential risks from market volatility and ensures the robustness of the strategy, it limits the diversity of asset targets, leading to significant restrictions on returns.
usdx.money diversifies investments across multiple coins, spreading returns and risks across more assets, thereby reducing systemic risks that may arise from the volatility of a single asset. If the market conditions for a particular coin deteriorate, the protocol will automatically adjust the holding ratios to balance overall risk.
Calculations show that when the stablecoin scale of usdx.money remains below $5 billion, its returns will far exceed those of Ethena. Once the scale exceeds $5 billion, the delta-neutral strategy returns of the two may tend to converge. The latest data shows that Ethena's annualized return rate is 29%, lower than usdx.money at 37%.
However, the richness of coin selection also comes with certain challenges. The returns of usdx.money may be limited by the liquidity and holding volume of certain coins.
In addition, the user funds of usdx.money are stored in on-chain custodians, and asset proofs are publicly disclosed to ensure the safety and transparency of funds. In terms of profit distribution, usdx.money adopts a linear unlocking method to gradually distribute profits to users.
3. usdx.money Airdrop Tutorial
The usdx.money airdrop operates on a staking mechanism, requiring additional preparation of sufficient idle USDT.
(1) About the Airdrop Period

• Current Status: First Airdrop Activity
• Start Date: 2024.12.3
• Activity Period: 8 weeks
• Airdrop Model: Points system, ranked based on total X-Points

(2) About the Points Rules
1. Mint USDX and stake sUSDX

• Holding USDX: Each USDX token can earn 1.5 X points per day.
• Staking USDX and holding sUSDX: Each sUSDX token can earn 1 X-Point per day.

2. Provide liquidity for usdx.money

• $5,000 to $10,000: 1.5x multiplier
• $10,000 to $50,000: 2.0x multiplier
• Over $50,000: 2.5x multiplier

3. Additional X-Points Rewards

• Use the invitation link associated with the activity address to invite new users to mint and stake.
• Complete tasks hosted by usdx.money on the Quest platform.
• Participate in various community activities organized by usdx.money.
• Engage in new on-chain or off-chain interactions launched by usdx.money.
• Participate in X-lotteries and surprise tasks throughout the campaign season.

It should be noted that simply minting USDX will not generate X-Points --- only holding and staking actions will earn rewards.
(3) Specific Airdrop Tutorial
Step 1: Register

• Relevant Link:
  https://app.usdx.money/airdrop?code=Z7MVLL

Step 2: Mint usdx

• Click Buy, use USDT to mint usdx
• Enter the amount
• Click Confirm

Step 3: Stake usdx
PS: Simply minting usdx will not earn points; both minting and staking must be done simultaneously.

• Click Stake on the homepage
• Enter the amount you want to stake (annualized 51.26%)
• Click Approve

After completing this step, you will generally have points. If you want to achieve a higher multiplier, you can participate in PancakeSwap's LP on the official website.
This article mainly focuses on maximizing returns, so after generating sUSDX, you can use it to collateralize in ListaDAO.
4. Maximizing Returns Using ListaDao
sUSDX effectively locks up the user's stablecoins, which reduces the user's capital utilization rate. Therefore, you can use ListaDao to release capital utilization.
The benefits of staking sUSDX in ListaDao are as follows:

• ListaDao staking rewards
• ListaDao Stardust
• usdx.money 1.5x multiplier bonus
• After staking sUSDX, you can borrow lisUSD in ListaDao
• lisUSD can participate in PancakeSwap LP, with a maximum annualized return close to 30%;
• In the Venus section of ListaDao, you can use lisUSD to borrow slisBNB and participate in Launchpool for new projects, increasing leverage.

Detailed explanation of lisUSD:
https://x.com/JiamigouCn/status/1844015941417594999
Specific Steps Are as Follows:
Step 1: Enter ListaDao

• Relevant Link:
  https://lista.org/cdp/dashboard
• Click "Borrow lisUSD"
• Click "Dashboard"
• Find sUSDX
• Click "Deposit"
• Enter the amount you want to deposit
• Click "Deposit"

Step 2: Borrow lisUSD
If you want to improve capital utilization, in Listadao, stake sUSDX, borrow lisUSD, and then use lisUSD to participate in other DeFi yields.

• Click on the "Borrow lisUSD" section
• Click "Borrow lisUSD"
• Find the sUSDX borrowing section in the "Innovation Zone."

After obtaining lisUSD, you can follow the process in the diagram below to participate in other DeFi projects and improve capital utilization:

That's all for today.