[Weekly] Market Return on StableCoin-based Strategies(18 Oct 2021)

  • Risk Free Rate: 6.13%. Risk free rate, representing the safe yield from Compound, Aave and Curve, was significantly up from last week’s 4.75%. Due to the news that SEC is going to allow Bitcoin ETF, the market was bullish again.
  • Curve/Yearn: The Curve/Yearn Large-Cap Benchmark Rate is now 15%, higher than last week’s 13%. CRV and CVX as well as other defi protocol tokens were generally on the rise since last week, making the yield higher cross board.
  • Other Stablecoin Platforms: the yields vary from 7% ~ 31%, and averaged 19%, down from last week’s 20%. Fei’s incentivsed FEI-3CRV pool is giving out 26.8% APR now (weekly compounded to be over 30%) and topped this category. Other platforms’ yield narrowed around 20%.
  • Other (non-USD stablecoin) platforms, aka Exotic Strategies: Exotic strategies are delivering 11% to 64% yield now. This week, the yield from Mirror Protocol’s silver-UST pair went back to top. The penalty rate for Polygon is 12.33% (the difference of Curve’s Aave Pool yield on Polygon over the same pool on Ethereum, down from last week’s 9.86%) and 1.14% for Arbitrum (the difference of Curve 3pool on Ethereum and Curve 2pool on Arbitrum, down from 1.75% last week).
  • Uniswap/Alpha: Uniswap earnings were back to normal last week, for half stablecoin, half ETH pairs. Impernament loss was lower as ETH hovered around the top area and trading volume was decent.
  • Binance Coin-Margined Funding Rate: funding rates are generally over 20%, as a result of a rising market, except for BNB, which had some twists about whether it’s exiting the China market.

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