[Weekly] Market Return on StableCoin-based Strategies(22 Nov 2021)

  • Risk Free Rate: 3.52%. Risk free rate, representing the safe yield from Compound, Aave and Curve, was lower than last week’s 5.54%. There has been a minor downward correction in the market.
  • Curve/Yearn: The Curve/Yearn Large-Cap Benchmark Rate is now 12%, much lower than last week’s 16%. This was in line with the declining market, firstly as CVX and CRV prices dropped and secondly more funds seeking protections in Curve and its derivatives.
  • Other Stablecoin Platforms: the yields vary from 9% ~ 41%, and averaged 22%, down from last week’s 25%. Frax Finance’s liquidity pool on Uniswap V3 continued to lead this category, as other platforms narrowed the yields.
  • Other (non-USD stablecoin or non-Ethereum) platforms, aka Exotic Strategies: Exotic strategies are delivering 11% to 104% yield now. Mirror Protocol had a systematic improvement in its yields as funds were drawn out of the Protocol, so the yields remained high. The penalty rates (the difference between a Curve pool on Ethereum and the same pool on a Layer 2 chain) Polygon and Arbitrum are 5.81%, 4.34% and 12.37% respectively, compared to 6.52%, 3.30% and 15.22% last week.
  • Uniswap/Alpha: Uniswap earnings were average last week, for half stablecoin, half ETH pairs. As other EVM chains are getting more attention, trading activities and liquidity followed over.
  • Binance Coin-Margined Funding Rate: funding rates remained around single digit to 10% in line with the market correction.

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