[Weekly] Market Return on StableCoin-based Strategies(11 July 2022)

  • Risk Free Rate: 0.67%. Risk free rate, representing the safe yield from Compound, Aave and Curve, was higher as last week’s 0.52%, as a result of the market rebounding. The market stabilized as no more unexpected bad news came out; but there was also no incentive to be aggressive.
  • Curve/Yearn/Convex: The Curve/Yearn Large-Cap Benchmark Rate is now 4.7%, higher than last week’s 4.4%. This is in line with a massive rebound of CRV and CVX prices. TVLs from most pools inched up a bit.
  • Other Stablecoin Platforms: the yields vary from 1% ~ 20%, and averaged 9%, slightly higher than last week’s 8%. Abracadabra’s MIM pool (with incentives from Convex, as a result of bribes) continued to lead this category this week. We have recently published a research paper on MIM to cover this protocol. D3 pool (alUSD, Fei and Frax) is delivering good yield too.
  • Other (non-USD stablecoin or non-Ethereum) platforms, aka Exotic Strategies: Exotic strategy yields’ are from 2% to 13% now. Euro and gold continued to decline but their yields came back a bit, as liquidity exited these pools. Overcollateralised stablecoins, MIM and MAI, are providing yields over 10%, probably the highest during this period of time.
  • Uniswap/Alpha: Uniswap earnings were weak last week, for half stablecoin, half ETH pairs, as trading volume did not pick up much despite market calmed down.
  • Binance Coin-Margined Funding Rate: funding rates were still all negative except for ETH, probably one of the safest places to park funds now.



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The Serenity Fund

The Serenity Fund

Zero market risk and stable return - risk neutralised cryptocurrency fund.