My favorite team @GammaSwapLabs keeps shipping +Aura vibes like this squad of rowers. They’re offering juicy incentives — 46% APY on their LP pool. I’ve been thinking hard about delta-neutral strategies, and @0xDeFiDevin himself shared a simple setup that delivers 37.98% APY with moderate risk. Gud for this market Let’s dive in 👇 🔹 We’ll use: $100,000 USDC Platforms: @aave , Gammaswap Network: Base Breakdown: Supply on Aave (Base): $60,000 USDC as collateral Borrow on Aave (Base): $40,000 in ETH (15.85 ETH at $2,523) GammaSwap LP (Base): $40,000 ETH + $40,000 USDC 🧩 GammaSwap automatically balances 50/50 in the LP. Farm here → Stake LP here → 💸 Yield Breakdown: GammaSwap LP (Base): 46% APY on $80,000 = $36,800/year Aave USDC Supply: 3.66% on $60,000 = $2,196/year Aave ETH Borrowing: 2.53% on $40,000 = $1,012/year 🔹 Net yield: Pool: $36,800 – $1,012 = $35,788 Aave: $2,196 Total: $37,984/year Effective APY: 37.98% on $100,000 ⚠️ Risks: Rewards are in esGS, with a 30-day vesting to $GS. I'm personally bullish and willing to hold. LTV: 66.67% ($40K borrow / $60K collateral) – close to the liquidation threshold (65%). Watch your Health Factor. Liquidation price: $3,729.54 Impermanent Loss (IL) is the main concern. However, due to the Aave hedge, the loss is mitigated. Devi even shared a spreadsheet simulating IL impact. Feels like old-school DeFi — wrapped yield, LP farming, and solid risk diversification. Great for a low-volatility, low-liquidity market like now.