Blueberry Airdrop Strategy: Lending to a New DeFi Prime Brokerage
Before we get started, this is not a recommendation or endorsement to buy any token(s) mentioned.
This week, we cover an up-and-coming DeFi prime brokerage that just launched–Blueberry.
Blueberry provides composable automated leverage and risk management to enable lending single-sided assets for the highest passive yields while farmers lever up their favorite DeFi strategy.
In traditional finance, a prime brokerage refers to a bundle of services that investment banks and other major financial institutions offer to hedge funds and similar wealthy clients. A prime brokerage model in DeFi could unlock and bring more utility to on-chain capital.
Currently, DeFi LPs are challenged by a lack of liquidity, where rates for the best strategies don’t offer risk profiles ideal to deposit substantial funds in-app. Meanwhile, protocols need liquidity to offer their DeFi services to other users and such liquidity can be challenging to attract without major token incentives.
With Blueberry, users can earn higher yields, access more capital for specific strategies, and take advantage of niche opportunities. You can think of this new Blueberry product as having similarities to what degens enjoyed about Alpha Homora, Extra Finance, and Gearbox.
The biggest value-add with Blueberry will be boosting yield up to 50x for certain DeFi strategies. LPs on platforms like Curve, Balancer, and Uniswap could turn single-digit yield into triple-digit yield while keeping borrow costs low.
For example, let’s assume a Curve pool for weETH-rswETH yields about 10% APY. Users can deposit their collateral and borrow 10x for the weETH-rswETH LP — earning almost 100% APY before subtracting borrowing costs.
Blueberry helps to fine-tune the leverage and allows even more risk-averse LPs to
Blueberry protocol was hacked and I lost my money! Hope to get some kind of update on this one!!!
Hi! Damn, I am sorry this happened. As we always point out there are risks to defi. It is something sadly always in the back of my mind. Here is the statement from Blueberry
https://x.com/blueberryfdn/status/1760876257078899016?s=46
So it seems, that your funds should be safe as deposits were unaffected. Although the protocol is paused while they investigate. So might be a few days before you can withdraw. Any questions and concerns on the process should be found from their social channels and or their discord server or similar service. Be super vigilant of scammers trying to exploit your fear and eagerness to get your funds. Never give over your keys or approve any new contracts. Just wait is likely the best course of action.
Again, apologies, we do our best to find the best protocols but there are always risks.
Thank you Lark! Appreciate all you guys do. I’ll keep an eye for any further updates through Blueberry’s social handles.