[Weekly] Market Return on StableCoin-based Strategies(17 October 2022)

  • Risk Free Rate: 0.87%. Risk free rate, representing the safe yields from Compound (USDC), Aave (USDC) and Curve (3-pool), was higher than last week’s 0.74%. The increase in the rate was largely due to the increase in the lending rate of USDC in Aave.
  • Curve/Yearn/Convex: 2.1%. The Curve/Yearn Large-Cap Benchmark Rate is lower than last week’s 2.3%. We also noticed the drops in TVL in sUSD and Aave pools. The drop in the overall right was due largely to the drop in yield in the sUSD pool.
  • Other Stablecoin Platforms: the yields vary from 2% ~ 19%, and averaged 6.7%, higher than last week’s 5.9%. This week, TrueFi’s USDT pool topped the category, as the pool’s liquidity shrank significantly as Wintermute paid off its$95m loan. There was no material change in other protocols.
  • Other (non-USD stablecoin or non-Ethereum) platforms, aka Exotic Strategies: Exotic strategy yields’ are from 4% to 9% now. EUR farms continued to deliver good yields. The yield from EVM chains have recovered slightly compared to past weeks.
  • Uniswap V2: Uniswap earnings continued to be low, for half stablecoin, half ETH pairs, as the market continued to be quiet and there was little trading activities.
  • Binance Coin-Margined Funding Rate: funding rates were a mix of positive and negative last week. UNI continued to have over 8% funding rate, after announcing a new round of fundraising and spurred demand.

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The Serenity Fund

The Serenity Fund

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