BenPay DeFi Earn Introduces Four New Yield Opportunities: Expanding Asset Growth Paths and Optimizing Earning Options

Introduction

As the DeFi ecosystem continues to mature, opportunities to earn on-chain yield are no longer scarce. What truly holds users back is not the lack of opportunities, but the barriers to participation. Opaque protocol mechanisms, highly specialized rules, unclear fund flows, and complex operational steps often discourage users. Even when users recognize that their assets could be deployed more efficiently, many still choose to wait on the sidelines or leave funds idle for extended periods.

To address these challenges, BenPay launched DeFi Earn in late September 2025 as a unified gateway to multi-chain DeFi protocols. Without mastering complex interactions, users can seamlessly connect their assets to protocols such as Solana, Compound, and AAVE, enabling efficient on-chain yield generation. Since launch, DeFi Earn has received strong market feedback. As of January 2026, assets allocated to the Solana protocol within BenFen have reached 10.75M BUSD, while total network deposits have exceeded 20.73M USD, accounting for nearly half of all on-chain holdings—demonstrating the high utilization and adoption of BenPay DeFi Earn.

To further enhance user experience and accommodate diverse risk preferences and liquidity needs, BenPay DeFi Earn now officially introduces four new investment targets: Morpho USDC, Morpho USDT, Sky USD, and Ethena USDe, offering users more flexible and diversified on-chain growth options.

Detailed Explanation of the Four New Targets in BenPay DeFi Earn: A DeFi Protocol Choice for Stable Returns

The four newly added investment targets are selected from mainstream DeFi protocols that have long operated and are widely used in the Ethereum ecosystem. These protocols have operated for extended periods, manage tens of billions of dollars in on-chain assets, and feature transparent mechanisms with publicly verifiable track records. For users, this not only lowers the threshold for understanding and participation but also, to a certain extent, reduces the uncertainty brought about by the immaturity of protocols, making asset operations more reassuring and predictable.

1. Morpho USDC Earn: Institutional Risk Control + On-Chain Lending Interest

Morpho USDC Earn investment target closely resembles a traditional financial activity: lending funds to borrowers with real demand and earning interest. The difference lies in its on-chain execution via Morpho’s Vault model. Instead of pooling funds into a single mixed-liquidity pool, users’ USDC are deposited into professionally managed lending vaults. Funds are allocated only to whitelisted institutional borrowers or decentralized protocols that pass strict screening criteria.

Interest paid by borrowers continuously accrues to the vault, increasing its total value and, in turn, the value of each vault share. Under current market conditions, this target offers an annualized yield of approximately 4.09%, primarily derived from stable lending interest.

As funds operate within highly liquid on-chain lending markets, the product supports instant deposits and redemptions, balancing liquidity with steady yield accumulation. All lending relationships, fund flows, and yield sources are verifiable on-chain—combining institutional-grade risk management with on-chain transparency.

2. Morpho USDT Earn: Algorithm-Driven Dynamic Lending Returns

Morpho USDT Earn is also built on Morpho’s lending framework, but differs noticeably from Morpho USDC Earn in both yield behavior and user experience. From a user perspective, the USDC Earn emphasizes relatively stable returns with a clear and predictable interest structure, while the USDT Earn more directly reflects changes in market liquidity supply and demand, resulting in slightly higher yield elasticity.

At the mechanism level, Morpho USDT Earn dynamically adjusts lending parameters through algorithmic models. All loans are fully overcollateralized, with collateral assets selected via risk models developed by the professional risk management firm Gauntlet. Only assets with sufficient liquidity and clearly defined risk profiles are accepted, allowing interest rates to adjust naturally with market conditions while keeping risk under control.

Under this model, user returns are still derived from real interest paid by borrowers, but rates fluctuate in response to market demand for USDT liquidity. Under current conditions, the annualized yield is approximately 3.55%. As demand for capital increases, yields rise; when demand eases, returns adjust downward.

From a user’s perspective, there is no need to understand complex collateral ratio calculations or liquidation mechanics. Assets are continuously deployed under robust safety mechanisms and accrue interest over time, while supporting instant deposits and redemptions—making this option well-suited for users who want to maintain capital flexibility while participating in market-responsive yield opportunities.

3. Sky USD Earn: The Closest Form to an “On-Chain Savings Account”

Sky (formerly MakerDAO) is a core piece of infrastructure within the stablecoin ecosystem. Its yield model does not rely on allocating user funds to a single asset strategy. Instead, returns are distributed to participants through protocol-level mechanisms that allocate system-wide revenue according to predefined rules. These revenues are primarily generated from yields on U.S. Treasury investments and interest accrued through on-chain lending and stablecoin issuance.

After depositing funds, users receive an accumulating deposit certificate whose quantity remains constant, while its exchange rate against USD increases monotonically over time. Under current conditions, this investment target offers an annualized yield of approximately 4.04%, characterized by steady accumulation with relatively low volatility.

Because returns are settled and distributed at the protocol level—rather than through high-frequency operations or complex strategies—users do not need to actively manage positions or closely monitor market movements. With support for instant deposits and redemptions, the overall experience closely resembles a clearly structured, operationally stable form of on-chain yield.

4. Ethena USDe Earn: Strategy-Based Yield from Market Structure

Ethena USDe Earn target does not generate returns by lending funds to borrowers. Instead, it derives yield from the structural mechanics of the crypto market itself. USDe is a synthetic dollar whose underlying design is primarily built around major crypto assets such as Ethereum (ETH). The system holds these spot assets while simultaneously hedging price exposure through corresponding futures positions, aiming to minimize the impact of price volatility and focus returns on market-generated funding rates.

Under this structure, the system continuously captures funding fees from the derivatives market. In addition, the underlying Ethereum assets also generate staking rewards. In the current market environment, this investment target offers an annualized yield of approximately 4.79%, with returns driven more by market structure than by directional price movements.

Because this strategy requires orderly position adjustments and settlement cycles, redemptions typically involve a processing period of approximately 10 days. This timeline is inherent to the strategy’s operational design rather than an externally imposed restriction, making the product more suitable for users with lower liquidity requirements who are seeking strategy-based yield exposure.

Overall, these four newly added investment targets are not designed to pursue short-term, high-volatility returns or overly complex structures. Instead, they represent several yield pathways that have been repeatedly validated within today’s DeFi ecosystem: on-chain lending models grounded in real borrowing demand and emphasizing institutional-grade risk management and liquidity; protocol-level systemic revenue distribution generated through ongoing protocol operations; and strategy-based approaches that capture yield from market structure and fee dynamics.

By integrating these mature mechanisms into a unified entry point, BenPay DeFi Earn aims to enable users to select more suitable on-chain participation methods based on their own asset characteristics—without requiring deep, protocol-level research or complex operational knowledge.

How to Choose: Matching Funds Characteristics, Not Just Yield Rates

After understanding the yield logic of each investment target, the key question is not “which yields more,” but rather: which best fits how you intend to use your funds.

Different investment targets differ fundamentally in their sources of yield, usage scenarios, and asset liquidity. Some prioritize instant access and high liquidity, others are better suited for long-term allocation with low management frequency, while certain strategies rely on specific market structures and therefore have inherently different redemption rhythms.

To help users quickly form a clear decision framework without diving into protocol-level details, the following section provides a side-by-side comparison of BenPay DeFi Earn’s existing core products and the newly introduced yield options—across dimensions including yield source, APY, investment assets, interest accrual, redemption time, and suitable use cases.

*Annualized yields reflect historical ranges and may vary with market conditions.

Summary

With the addition of **Morpho USDC, Morpho USDT, Sky USD, and Ethena USDe Earn **investment targets, BenPay DeFi Earn further expands users’ on-chain growth options. As DeFi enters a new phase of institutionalization and sustainable yield, BenPay remains committed to non-custodial design, one-click access, and on-chain transparency—offering a low-barrier, high-efficiency unified entry point.

Whether you are a conservative user seeking instant liquidity and principal security, or an ambitious participant willing to embrace innovative market strategies for potentially higher returns, these four new investment targets precisely address diverse user needs, allowing idle assets to grow quietly and efficiently without complex operations.

Looking ahead, BenPay DeFi Earn will continue to integrate leading protocols, refine product design, and enhance the user experience—helping users capture on-chain opportunities with ease.

Important Notice

Although the above-mentioned protocols have undergone multiple rounds of audits and have been in operation for a long time in practical applications, all on-chain protocols still face risks, including smart contract risks, market fluctuation risks, and uncertainties regarding mechanism adjustments.

BenPay provides protocol access and operational integration services only and does not guarantee protocol performance. Users should make independent decisions based on their own circumstances and risk tolerance.