[Weekly] Market Return on StableCoin-based Strategies （22 March 2021)

We provide a weekly update of the platforms we track, based on the Serenity Fund’s original strategy on investment of stablecoins, and its subsequent updates, most importantly the March Update. The chart below summarises the returns on investment of stablecoins:

(Note: Yields derived from mining reward tokens are based on the prices of tokens on 22 March. Yields that are cumulative, e.g. Uniswap and Compound’s basic earnings and Binace funding rates, are actual yields over the last week annualised.)

Quick analysis on 22 March:

• Yields from large protocols have stablised at 20%-30% levels, e.g. Curve, mStable, Idle, etc. Yearn has made solid progress in turns of product development, but in terms of yields, as its AUM gets bigger, its boost are less effective. Now, Yearn’s yield is comparable to 1.5x boost if you are looking veCRV on your own.
• Newer platforms like Vesper and Float are giving better yields, even Keeperdao is slightly better than mature ones. Again, the token prices of these platforms fluctuated a lot more than Curve’s CRV or other mature platforms, so their yields are not stable.
• We have added Float Finance this week. Our Company Watch article will follow later this week.
• Exotic (non-USD) strategies yields came down from their peaks of 200% to 300%. This week’s top earning pool is Cover Protocol’s insurance arbitrage on Badger.
• Our traditional strategy of Uniswap Liquidity Providing and Hedging on Binance were still the safe choice, when the market was volatile.

A number of new platforms have launched recently, including Float Protocol and Fei Protocol, etc. We will be having more coverage in the coming week.

(Serenity Team, 22 March 2021, Twitter: https://twitter.com/SerenityFund)