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

  • Risk Free Rate: 1.20%. Risk free rate, representing the safe yields from Compound (USDC), Aave (USDC) and Curve (3-pool), was higher than last week’s 1.10%. As the market continued to decline, outflow of funds continued, pushing interests higher.
  • Curve/Yearn/Convex: 5.2%. The Curve/Yearn Large-Cap Benchmark Rate is lower than last week’s 7.1%, as a result of Iron Bank yields coming back to normal. In Yearn, the yield of Iron Bank Convex pool is still high, as Yearn takes a 30-day average; the actual yield is only 6% now. Over last week, we saw some mild return of the stablecoins to Curve, mainly 3pool and sUSD pool.
  • Other Stablecoin Platforms: the yields vary from 2% ~ 24%, and averaged 7.1%, lower than last week’s 8.8%. TrueFi’s USDT pool continued to top this category with 22% yield. The lending and borrowing situation did not change much compared to last week. Overall yields came down this week, as market continued to decline in the wake of the FTX shock.
  • Other (non-USD stablecoin or non-Ethereum) platforms, aka Exotic Strategies: Exotic strategy yields’ are from 2% to 24% now. Most yields came down last week, except for Mai Finance, who token QI rose significantly.
  • Uniswap V2: Uniswap earnings were back to normal, for half stablecoin, half ETH pairs, as the market turned pessimistic again.
  • Binance Coin-Margined Funding Rate: funding rates were mixed. For BTC, ETH and BNB, the rates were mildly negative. DeFi tokens continued to remain positive.
  • Research Report: we have a released a new report on Overview of Stablecoin Investment, summarising the status of stablecoin investments. If you are interested, please visit our website or Twitter for a FREE copy.

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The Serenity Fund

The Serenity Fund

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