Stablecoin + Good Coin + New Perpetual DEX: A humble degen's portfolio分享

Author: Taiki Maeda

Compiled by: TechFlow

As the market enters what many call the "late cycle," I believe certain non-negligible risks are rising. At such a stage, it's especially important to comprehensively review your portfolio and build a "all-weather portfolio" capable of handling various market conditions. Such a portfolio not only protects you from downside risk but also captures gains from asymmetric opportunities.

As a humble yield farmer, I've developed an investment framework combining two best strategies, iterated according to readers' preferences.

This is the "Humble Farmer Portfolio" framework (including allocation ratios across asset classes):

• Stablecoin yield farming (30%-60%)

• Holding quality crypto spot assets (30%-60%)

• Shorting new perpetual decentralized exchanges (Perp DEX) for airdrop farming (1%-10%)

Stablecoin Yield Farming (30%-60%)

Stablecoin yields typically compress during bear markets but perform exceptionally well during bull markets. A smart yield farmer once told me: "If you're farming in DeFi, you're actually indirectly bullish on altcoins, because good yields require altcoins to be in a bull market." As a stablecoin yield farmer, the probability of loss is low (as long as no project runs away), because you're selling tokens into capital that's blindly buying.

By holding a healthy proportion of stablecoins, you can achieve over 15% returns during bull markets while improving your "sleep-adjusted return" (i.e., reducing anxiety caused by market volatility). The main advantage of holding stablecoins is that if the market enters a bear phase, we can buy cryptocurrencies at lower prices.

Holding Quality Crypto Spot Assets (30%-60%)

Many have proposed the idea of "end-of-cycle," suggesting strong assets like Bitcoin could sustain upward momentum similar to the stock market. Genuine compound growth assets have emerged in crypto, such as Binance Coin (BNB), which are better held long-term rather than actively traded. However, we must also accept the reality that if "this time isn't different," all these coins may drop at least 50% during a bear market.

Therefore, as humble yield farmers, we must set aside ego, choose assets we believe will outperform over the long term, and accept potential drawdowns. This requires proper due diligence and research, forming conviction-based investment logic—something you're already good at.

Farming Airdrops on New Perpetual Decentralized Exchanges (Perp DEX) (1%-10%)

Gaining an edge in liquidity markets becomes increasingly difficult over time. Over the past few years, I’ve realized our advantage as retail users lies in trying new things and getting rewarded through airdrops. Compared to users fighting each other in altcoins, how many achieved financial freedom by farming the Hyperliquid airdrop?

I once thought Hyperliquid would be the last major Perp DEX airdrop. But now I believe Lighter will also deliver solid results. After Lighter, people might say it was the final big airdrop in the perpetual space, and new projects aren’t worth farming.

I challenge this view because even now, there are still many first- and second-tier blockchain projects with high valuations but no real users. If perpetual contracts are the killer application in crypto, why can't there be multiple valuable Perp DEX tokens? Could there be 1-2 major airdrops annually? This possibility may be higher than you think.

So the question arises: How should we farm? Where should we farm?

Farming Strategy

"Just become a profitable perpetual trader." Yes, but unfortunately, most people lose money trading perpetuals. Therefore, we’d better limit exposure and implement a comprehensive strategy that benefits the entire portfolio.

I’ve experimented with a strategy—with varying degrees of success—of taking very small short positions on high-market-cap tokens while earning positive funding rates.

The goal isn't to replicate "The Big Short" and make massive profits from token shorts, but to accumulate airdrop points while supplementing other parts of the portfolio. Perp DEXs typically reward open interest (Open Interest) rather than trading volume:

If we already have long exposure via spot holdings, the overall portfolio may benefit from adding some short positions, especially since most perpetual contract tokens carry positive funding rates (meaning shorts earn yield). Personally, I open small short positions on tokens I don’t mind reversing for several months. If those tokens rise 50%, I can further increase my short position.

If the market rises, your spot holdings will earn more than your short losses. If the market keeps rising, the airdrop you’re farming could become highly valuable. If the market turns bearish, at least you get paid while shorting falling assets (even if the airdrop value is low).

People often joke about multi-billion dollar "air projects" in crypto... Why not profit from shorting them? From my experience, I’ve had some success shorting high-market-cap tokens and increasing positions when prices rose. For example, if you have a $100k portfolio, you could start with a $500 short at 1x leverage and scale up as price increases.

This might not be the most exciting move... until the airdropped token lands in your wallet. For instance, in April 2023, I did minor trades using Hyperliquid’s closed testnet, staked HLP, and received an airdrop worth over $100k. I also made several poor trades on Lighter between March and April 2025, but accumulated substantial points (and luckily referred a few large traders).

Every time I farm a new Perp DEX, I regret not starting earlier. Acting early really pays off—there may be a signal hidden within.

Summary and Risks

Obvious risks include shorting a token that eventually rises 100x, or farming a Perp DEX that ultimately fails to launch (TGE). But you can reduce these risks by adjusting position sizes and choosing the right tokens/platforms. I'm not saying never go long on tokens, but I believe the "small short" approach is a worthwhile default strategy.

I won’t recommend specific short targets or Perp DEXs to farm, but @hansolar21 built a nice dashboard you can check out. Also, I encourage everyone to talk to teams and join Discord groups to learn which projects are worth farming and which are dead on arrival (DOA): perpetualpulse.xyz.

If you farm a project like Lighter, your points will surely have value, but farming difficulty will be higher. A new Perp DEX with fewer users is easier to farm, but carries the risk that its token may end up worthless. It's always a trade-off! Perhaps the best strategy is using multiple Perp DEXs simultaneously to better understand the space.

Good luck, humble farmers!