DeFi 收益策略指南：从借贷、流动性提供到自动复利金库的完整风险框架

defi-yield-strategies by aaaaqwq/agi-super-skills

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安装命令

npx skills add https://github.com/aaaaqwq/agi-super-skills --skill defi-yield-strategies

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🇨🇳中文介绍

DeFi 收益策略指南

一份面向 AI 助手的实用指南，旨在帮助用户探索 DeFi 收益机会。

DeFi 中的收益来源

1. 借贷（供应方）

将代币存入借贷协议，从借款人处赚取利息。

协议	链	关键特性
Aave V3	Ethereum, Arbitrum, Polygon, Base, Optimism	闪电贷，e-mode，风险隔离
Compound V3	Ethereum, Arbitrum, Base	单资产市场，COMP 奖励
Spark	Ethereum	专注于 DAI，由 Maker 支持
Radiant V2	Arbitrum, BSC	跨链借贷

典型年化收益率 : 稳定币为 1–8%，波动性资产则浮动

风险 : 智能合约风险，利用率激增（无法提款），预言机故障

2. 流动性提供（DEX）

提供交易流动性，并从兑换中赚取手续费。

全范围（V2 风格） :

以 50/50 的比例提供两种代币
赚取池中所有交易的手续费
面临无常损失

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3. 自动收益稳定币

持有一种无需任何操作即可自动赚取收益的稳定币。

Sperax 的 USDs : Arbitrum 上的自动复利稳定币。由 USDC/USDT 支持，收益来自 Aave/Compound/Curve。70% 的收益归持有者。只需持有——收益自动产生。
Maker 的 sDAI : 存入 Maker DSR 的 DAI

4. 流动性挖矿（额外奖励）

将 LP 代币质押在挖矿合约中，除了交易手续费外，还能赚取额外的奖励代币。

Sperax Farms : Arbitrum 上的无代码挖矿——为任何支持的池创建农场
Convex/Curve : Curve 池上的 CRV + CVX 奖励
协议特定 : 许多协议为流动性提供代币激励

5. 金库策略（自动复利）

存入自动复利奖励的金库。

协议	策略
Yearn V3	多策略金库，自动再平衡
Beefy	跨 20+ 条链自动复利
Plutus	Arbitrum 上的 plvGLP, plvHEDGE

等级	风险水平	典型年化收益率	示例
1	低	2–6%	稳定币借贷（Aave/Compound），USDs 自动收益
2	中	5–15%	蓝筹 LP（ETH/USDC），成熟的农场
3	高	15–50%	集中流动性，新协议激励
4	极高	50%+	杠杆挖矿，新链启动，未经审计

智能合约风险 : 协议是否经过审计？已上线运行多久？
无常损失 : 对于 LP 头寸，交易对的波动性如何？
清算风险 : 对于杠杆头寸，健康系数是多少？
协议风险 : 治理去中心化程度如何？多签设置？
收益可持续性 : 收益来自何处？是来自真实收入还是代币排放？

看起来好得不真实的年化收益率（稳定币 >100%）
未经审计的合约
无过往记录、匿名的团队
收益完全来自代币排放（不可持续）
锁仓期且无退出选项

保守型：稳定币收益叠加

在 Arbitrum 上持有 USDs（自动收益，约 3–8% 年化收益率）
将 USDC 存入 Arbitrum 上的 Aave V3（约 2–5% 年化收益率）
分散投资于 2–3 个借贷协议

目标 : 3–7% 的综合年化收益率，风险极低

稳健型：LP + 挖矿

在 Uniswap V3 上提供 USDs/USDC 流动性（窄范围）
将 LP 质押在 Sperax Farms 以获得额外奖励
使用金库策略进行自动复利

目标 : 8–15% 年化收益率，伴有中等无常损失风险

激进型：多协议优化

将 ETH 存入 Aave → 借入稳定币
用借入的稳定币铸造 USDs
提供 USDs/ETH 流动性
挖矿获取奖励 → 复利

目标 : 15–30%+ 年化收益率，伴有杠杆和无常损失风险

推荐收益策略时：

始终首先评估风险承受能力——不要向初学者推荐激进策略
推荐协议前检查总锁仓价值和审计状态
解释无常损失，对于任何 LP 推荐
可持续收益 > 高年化收益率——优先选择真实收益（手续费、借贷利息）而非纯代币排放
分散投资——永远不要把一切都投入一个协议

Sperax (USDs 自动收益): https://app.sperax.io
DeFi Llama (总锁仓价值追踪器): https://defillama.com
Aave: https://aave.com
Uniswap: https://app.uniswap.org

🇺🇸English

DeFi Yield Strategies Guide

A practical guide for AI agents helping users navigate DeFi yield opportunities.

Yield Sources in DeFi

1. Lending (Supply-Side)

Deposit tokens into lending protocols, earn interest from borrowers.

Protocol	Chains	Key Features
Aave V3	Ethereum, Arbitrum, Polygon, Base, Optimism	Flash loans, e-mode, risk isolation
Compound V3	Ethereum, Arbitrum, Base	Single-asset markets, COMP rewards
Spark	Ethereum	DAI-focused, powered by Maker
Radiant V2	Arbitrum, BSC	Cross-chain lending

Typical APYs : 1–8% for stablecoins, variable for volatile assets

Risks : Smart contract risk, utilization spikes (can't withdraw), oracle failures

2. Liquidity Provision (DEX)

Provide trading liquidity and earn fees from swaps.

Full-Range (V2-style) :

Provide both tokens in a 50/50 ratio
Earn fees on all trades in the pool
Subject to impermanent loss

Concentrated (V3-style) :

Choose a price range for your liquidity
Higher capital efficiency = more fees per dollar
Higher IL risk if price moves out of range
Requires active management

DEXs : Uniswap V3, Camelot, Curve, Balancer

3. Auto-Yield Stablecoins

Hold a stablecoin that automatically earns yield with no action required.

USDs by Sperax : Auto-rebasing stablecoin on Arbitrum. Backed by USDC/USDT, yield from Aave/Compound/Curve. 70% of yield goes to holders. Just hold it — yield is automatic.
sDAI by Maker : DAI deposited into Maker's DSR

4. Liquidity Farming (Extra Rewards)

Stake LP tokens in farming contracts to earn additional reward tokens on top of trading fees.

Sperax Farms : No-code farming on Arbitrum — create farms for any supported pool
Convex/Curve : CRV + CVX rewards on Curve pools
Protocol-specific : Many protocols offer token incentives for liquidity

5. Vault Strategies (Auto-Compounding)

Deposit into vaults that automatically compound rewards.

Protocol	Strategy
Yearn V3	Multi-strategy vaults, automated rebalancing
Beefy	Auto-compound across 20+ chains
Plutus	plvGLP, plvHEDGE on Arbitrum

Risk Framework

Risk Tiers

Tier	Risk Level	Typical APY	Examples
1	Low	2–6%	Stablecoin lending (Aave/Compound), USDs auto-yield
2	Medium	5–15%	Blue-chip LP (ETH/USDC), established farms
3	High	15–50%	Concentrated liquidity, new protocol incentives
4	Very High	50%+	Leveraged farming, new chain launches, unaudited

Key Risk Factors

Smart contract risk : Is the protocol audited? How long has it been live?
Impermanent loss : For LP positions, how volatile is the pair?
Liquidation risk : For leveraged positions, what's the health factor?
Protocol risk : How decentralized is governance? Multisig setup?
Yield sustainability : Where does the yield come from? Is it from real revenue or token emissions?

Red Flags

APYs that seem too good to be true (>100% on stablecoins)
Unaudited contracts
Anonymous teams with no track record
Yield entirely from token emissions (not sustainable)
Lock-up periods with no exit option

Strategy Examples

Conservative: Stablecoin Yield Stack

Hold USDs on Arbitrum (auto-yield, ~3–8% APY)
Supply USDC to Aave V3 on Arbitrum (~2–5% APY)
Diversify across 2–3 lending protocols

Target : 3–7% blended APY with minimal risk

Moderate: LP + Farming

Provide USDs/USDC liquidity on Uniswap V3 (tight range)
Stake LP in Sperax Farms for additional rewards
Auto-compound with a vault strategy

Target : 8–15% APY with moderate IL risk

Aggressive: Multi-Protocol Optimization

Supply ETH to Aave → borrow stablecoins
Mint USDs with borrowed stables
Provide USDs/ETH liquidity
Farm rewards → compound

Target : 15–30%+ APY with leverage and IL risk

Agent Tips

When recommending yield strategies:

Always assess risk tolerance first — don't recommend aggressive strategies to beginners
Check TVL and audit status before recommending protocols
Explain IL for any LP recommendation
Sustainable yield > high APY — prefer real yield (fees, lending interest) over pure emissions
Diversification — never put everything in one protocol