Last week I shared my first setup for farming $thBILL. This week I want to break things down clearly so anyone can understand how to farm points on @Theo_Network more efficiently. Here’s how I divide it into 3 user groups, so each person can choose the lane that matches their risk profile. 1️⃣ Holders: Low effort, steady base 🔸Goal: Preserve capital, earn passive yield, farm points without stress. 🔸Setup: - Buy $thBILL on @ethereum / @arbitrum. - Keep it directly in wallet or in a simple supply position (no leverage). 🔸What you get: - 4.3% auto-accruing yield from underlying T-bills. - 1x points on Theo, still eligible for upside from $THEO TGE - You avoid IL, liquidation risk and complex strategies. → I always keep a “Holder stack” in thBILL because it acts like my onchain cash position: boring, stable, but quietly stacking yield and points in the background. 2️⃣ Liquidity Players – Optimizing yield + points 🔸Goal: Earn higher returns by providing liquidity and using DeFi primitives. 🔸Core setup (example mix): - @Uniswap thBILL/USDC 0.05% → 1.5x points + fees. - @pendle_fi PT-thBILL → fixed yield + ARB / ecosystem incentives. 🔸Risks to watch: - Impermanent loss if one side of the pool moves differently, even with stable assets. - Smart contract risk from AMMs and yield protocols. → This is where I put most of my active capital on Theo. It gives a good balance: I’m not over-levered, but I still feel I’m squeezing more from the ecosystem than just holding. 3️⃣ Degens – Leverage, loops, and max APY 🔸Goal: Squeeze the maximum possible APY from Theo’s stack using leverage and hedging. 🔸Typical flow (simplified): - Supply #thBILL or stables on @Morpho / similar markets. - Borrow against that collateral. - Loop into Hyperliquid thBILL perp, open a short to hedge delta. - Farm funding + points while staying close to delta-neutral. - Potential APY in the 12–18% range depending on funding and points. - You are using thBILL as both collateral and yield engine at the same time. 🔸Main risks: - Wrong hedging size → you accidentally go long or short the market. - Funding rate regime changes. - Liquidation risk if markets move fast and you over-leverage. → I only allocate a small slice of my stack to this lane. It’s great for boosting overall returns, but I treat it as a “performance layer” on top of a much safer Holder + LP base. I’m sticking with a hybrid approach: stable base with Holder + LP, and a small allocation in the degen lane for extra points. If you’re using another setup, I’m curious how you structure your thBILL strategy.