We provide a weekly update of the platforms we track, based on the strategies discussed in Serenity Fund’s Overview of Stablecoin Investments and the periodical updates.

(Note: Yields derived from mining reward tokens are based on the prices of tokens on 26 July. Yields that are cumulative, e.g. Uniswap and Compound’s basic earnings and Binance funding rates, and are actual yields over last week, compounded weekly to derive the APY.)

Quick analysis on 26 July:

  • Risk Free Rate: 3.27%. Market was down last week, but it surged quite significantly over the last 24 hours, led by BTC and other majors…


We provide a weekly update of the platforms we track, based on the strategies discussed in Serenity Fund’s Overview of Stablecoin Investments and the periodical updates.

(Note: Yields derived from mining reward tokens are based on the prices of tokens on 19 July. Yields that are cumulative, e.g. Uniswap and Compound’s basic earnings and Binance funding rates, and are actual yields over last week, compounded weekly to derive the APY.)

Quick analysis on 19 July:

  • Risk Free Rate: 2.81%. Market was down last week, but risk free rate, representing the safe yield from Compound, Aave and Curve, were similar to…

We provide a weekly update of the platforms we track, based on the strategies discussed in Serenity Fund’s Overview of Stablecoin Investments and the periodical updates.

(Note: Yields derived from mining reward tokens are based on the prices of tokens on 12 July. Yields that are cumulative, e.g. Uniswap and Compound’s basic earnings and Binance funding rates, and are actual yields over last week, compounded weekly to derive the APY.)

Quick analysis on 12 July:

  • Risk Free Rate: 2.87%. We have introduced a conceptual risk free rate for De-Fi, for benchmarking purpose. For calculation, please refer to this article. …


Rari Capital delivered a relative safe way that enables individuals to autonomously and easily earn yield on their stable assets in a lossless manner. From there, it transformed into a solution that leveraged yield farming strategies to increase the returns offered to users. Now, Rari Capital is an autonomous solution to earn yield within any risk appetite.

Currently, the product optimizes for yield across a series of stable-assets (swapping via 0x) in the stable and yield pools and Ethereum in the ETH pool. …


We provide a weekly update of the platforms we track, based on the strategies discussed in Serenity Fund’s Overview of Stablecoin Investments and the periodical updates.

(Note: Yields derived from mining reward tokens are based on the prices of tokens on 5 July. Yields that are cumulative, e.g. Uniswap and Compound’s basic earnings and Binance funding rates, and are actual yields over last week, compounded weekly to derive the APY.)

Quick analysis on 5 July:

  • Risk Free Rate: 3.27%. We have introduced a conceptual risk free rate for De-Fi, for benchmarking purpose. For the calculation, please refer to this article

MakerDAO was formed in 2014 by Danish entrepreneur Rune Christensen. MakerDAO is a lending and stablecoin issuance protocol, operating on Ethereum Blockchain. It has a total TVL of $6.0 billion at the time of writing. The basic function of MakerDao is simple: when a user deposits collateral, MakerDAO will mint and lend the user a stablecoin, Dai. When the user returns the borrowed Dai, it will be burnt and MakerDao returns the user his collateral. Taking an analogy in the traditional financial market — think of the central bank of a small country — MakerDao is taking gold (ETH, BTC…


We provide a weekly update of the platforms we track, based on the strategies discussed in Serenity Fund’s Overview of Stablecoin Investments and the periodical updates.

(Note: Yields derived from mining reward tokens are based on the prices of tokens on 28 June. Yields that are cumulative, e.g. Uniswap and Compound’s basic earnings and Binance funding rates, and are actual yields over last week, compounded weekly to derive the APY.)

Quick analysis on 28 June:

  • Risk Free Rate: 2.73%. We have introduced a conceptual risk free rate for De-Fi, for benchmarking purpose. This will be updated weekly and displayed on…


Photo by Micaela Parente on Unsplash

We have been working on the stablecoin business for a while and from time to time, we are asked: what’s the risk free rate for De-Fi?

It’s an interesting question, as De-Fi is inherently high risk. The entire industry has barely started last summer, no regulations, full of hacks and reg-pulls, and quite a lot of projects are anonymous. Nothing here is free from risk.

However, we believe in the principle of pareto improvement, i.e. given the risk set, what’s best yield one can achieve. It’s a reasonable choice not to invest in De-Fi or cryptocurrency at all. …


Curve is the largest automatic market maker(AMM) for stablecoins, with a total TVL of $9.65 billion at the time of writing, according to Defi Llama. Defi pulse shows that Curve is the largest BTC depository and stablecoins depository, and 2nd largest ETH depository. Calling it the “Money Changer” is an understatement of its importance, though describing its functionality; Curve is the cornerstone of many de-fi platforms and services, as well as the pillar of our de-fi investment strategies.


We provide a weekly update of the platforms we track, based on the strategies discussed in Serenity Fund’s Overview of Stablecoin Investments and the periodical updates.

(Note: Yields derived from mining reward tokens are based on the prices of tokens on 21 June. Yields that are cumulative, e.g. Uniswap and Compound’s basic earnings and Binance funding rates, and are actual yields over last week, compounded weekly to derive the APY.)

Quick analysis on 21 June:

  • Overview: Market was lukewarm, and is getting more bearish as it seems. Cross the board, the yields have declined quite a lot. Generally, as sector…

The Serenity Fund

Zero risk and 20% return - risk neutralised cryptocurrency fund.

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