[Weekly] Market Return on StableCoin-based Strategies(21 Mar 2022)

  • Risk Free Rate: 1.75%. Risk free rate, representing the safe yield from Compound, Aave and Curve, declined marginally from last week’s 1.82%. Market was quite over last week, with prices recovering a few percent cross the board. Despite there was good news on war front and Fed has decided on the first interests rate hike, market participants are still cautious.
  • Curve/Yearn/Convex: The Curve/Yearn Large-Cap Benchmark Rate is now 5.4%, higher than last week’s 4.7%. This is due mainly to the rising prices of CRV and CVX, which rebounded after a long period of suppression.
  • Other Stablecoin Platforms: the yields vary from 6% ~15%, and averaged 9%, same as last week’s 9%. Maple Finance’s Maven 11 vault continued to top this category this week. Most platforms inched up a bit in terms of yield, due to the rising prices of platform tokens.
  • Other (non-USD stablecoin or non-Ethereum) platforms, aka Exotic Strategies: Exotic strategy yields’ are from negative to 80% now. Mirror Prorocol’s USO (oil) vault topped this category; its yield is coming down from over 100% APY as more fund risked on into Mirror, from $2.7m one month ago to $4.6m today . Yields from other EVM chains are average, with TraderJoe’s stablecoin farms being negative after adjusting the cross-chain risk penalty.
  • Uniswap/Alpha: Uniswap earnings were low last week as well, for half stablecoin, half ETH pairs, as the market was cautious.
  • Binance Coin-Margined Funding Rate: funding rates were a mix of positive and negative, as traders are holding on to their bets.

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The Serenity Fund

The Serenity Fund

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