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# Solana DeFi Overview
**Read the full report with charts and more strategies**[ **here**](https://open.substack.com/pub/0dotxyz/p/weekly-report-3?r=1nyijl&utm_campaign=post&utm_medium=web)
Week 21 largely followed the same trends as Week 20, with no major changes across the market.
DeFi TVL held near **$5B**, showing little change from the prior week. Most of the decline seen in Week 20 was driven by SOL price movement rather than capital leaving the ecosystem.
# Stablecoin Supply
Stablecoin supply remained elevated at roughly **$14B**. USDC’s share stabilized \~50%, a major shift from the 75% dominance seen earlier in May.
Non-USDC stablecoins now represent roughly half of Solana’s stablecoin supply.
# ETF Divergence
SOL ETFs recorded **$115M** of inflows during May, the strongest monthly result of 2026. BTC and ETH ETFs continued to see outflows over the same period.
Solana was the only major crypto asset attracting sustained institutional ETF inflows during the period.
# Final Take
Capital remained on-chain. Stablecoin diversification continued. And Solana was the only major crypto asset attracting sustained ETF inflows during the period.
# P0 Overview
Week 21 was a week of rotation.
The high-return structures that dominated Week 20 weakened significantly:
* cgntSOL borrow costs increased, benefiting lenders, while still maintaining a competitive borrow rate for looping.
* The zenBTC team has wound down its activity, leaving fewer directional trading opportunities on BTC. This has made other directional trades, such as cBTC, more attractive due to their strong yields.
At the same time, stablecoin strategies improved across the board:
* USDS remained elevated, borrow costs fell.
* USD\* native yield increased.
* Every major stablecoin strategy either improved or was replaced by a stronger alternative.
Campaign strategies also gained ground :
* corvusSOL now delivers higher returns than comparable YIELD positions and remains the strongest campaign asset on the platform.
# cgntSOL strategies
cgntSOL borrow costs jumped from 0.6% to 5% in a single week.
That eliminated all seven standalone cgntSOL eMode strategies that were launched in Week 20. This now leaves greater attractiveness on the lending side. However, some cgntSOL pairs persist within campaign structures where the campaign yield offsets the higher borrow cost, but the pure eMode LST carry trades are gone.
# BTC Short strategies
BTC Short fell from **61% to 14%** APY after the zenBTC team exited the market.
The strategy was rebuilt using WBTC at a **2x leverage** structure instead of the prior 7x. The WBTC borrow rate of 3% compressed the spread significantly. BTC Short capacity remained large, but yield is now comparable to mid-tier campaign strategies.
# Stablecoin Strategies
USDS held above 17% for a second consecutive week while borrow costs fell, improving returns across all USDS-based strategies. The top opportunity remained **USDS/USDT at 62%** APY, followed closely by USDS/PYUSD and USDS/hyUSD.
USD\* also gained relevance. Higher native yield increased returns and created two new strategies USD\*/hyUSD and USD\*/USDT with combined capacity above **$55k**, significantly larger than the capacity-constrained USDS opportunities.
The only major change was the disappearance of USDS/USDC after USDC borrow capacity became unavailable. It was Week 20’s top-ranked strategy at 63%.
# Campaign Update
Campaign strategies strengthened further in Week 21.
corvusSOL was the standout performer, rising from **9% to 11%** effective yield. That increase pushed corvusSOL ahead of YIELD across every comparable strategy the first time corvusSOL has taken the lead.
YIELD remained relatively stable at **10%**, contrary to the sharp decline expected after Week 20. STKESOL also improved as emissions increased from 1% to 2%.
# Full APY Ranking
31 strategies. Campaign pairs now occupy more of the top 20 than in any prior week. Directional strategies SOL Short and BTC Short have compressed toward campaign-tier APYs despite carrying the largest deployable capacity on the platform.
# Winners & Losers
**Winners:**
* **corvusSOL/SOL**: +7pp 41% → 49%
* **USDS/hyUSD**: +5pp 54% → 59%
* **corvusSOL/JupSOL**: +4pp 14% → 18%
* **USDS/USDT**: +3pp 58% → 62%
**Losers:**
* **BTC Short**: −47pp 61% → 14%
* **SOL Short**: −12pp 27% → 15% (cgntSOL drag)
* **YIELD/cgntSOL**: −7pp 24% → 16%
* **YIELD/SOL**: −5pp 47% → 42%
# What’s Next ?
**Things to watch**
* Will USDS enter week 3 elevated? If yes, the one-week spike model is permanently broken for USDS.
* Can corvusSOL native yield (7%) hold, or will it revert toward the 5% Week 20 level?
* cgntSOL at 5%: stabilizing or continuing toward SOL parity (5%) and beyond?
* Will YIELD emissions hold at \~3% or continue their slow decay?
**Exit triggers**
* USDS-funded strategies: USDS deposit below 12%
* corvusSOL/SOL: corvusSOL effective below 9%
* SOL Short: cgntSOL borrow above 8%
* YIELD/SOL: YIELD effective below 8%
# Final Take
The key themes remain unchanged: stablecoin spreads, native yield, and campaign incentives continue to drive the best opportunities, while more complex leveraged structures have become less attractive.
Start earning this yield today on [P0 strategies](https://app.0.xyz/strategies) page

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