Apologies for shilling Hyperliquid again but there's an interesting opportunity here that I think more people should be aware of. Hyperliquid has a community-owned vault called Hyperliquidity Provider (HLP), designed to provide liquidity for their perpetual markets.

Key points:

• Current vault size: Over $257 million USDC
  
• Recent performance: 23% APR in the past month (previously exceeded 30% before a recent surge in deposits)
• Strategy: Unlike traditional AMM pools prone to impermanent loss, HLP employs a sophisticated market-making strategy developed by the Hyperliquid team
• Revenue streams: Profits from market-making, a share of Hyperliquid's trading fees, and acting as primary liquidators for perp markets
• The vault has consistently generated profits across various market conditions (see PnL chart below)

If you're looking to put some USDC to work, the Hyperliquid HLP vault might be worth investigating. As always, please do your own research and be aware of the usual risks associated with DeFi platforms.

How could they offer such high rates? (I'm too lazy to look it up myself) Unless it's just a promotional rate with capped amount, this sounds too high of a return for passive USDT staking.