[Weekly] Market Return on StableCoin-based Strategies(23 August 2021)

  • Risk Free Rate: 5.73%. Risk free rates increased significantly this week, due mainly to a much higher prevailing supplying interest for USDC on Aave. Risk free rate, representing the safe yield from Compound, Aave and Curve, was up from last week’s 4.14%。
  • Curve/Yearn: The Curve/Yearn Large-Cap Benchmark Rate is now 17%, same as last week’s 17%. On one hand, CRV price has increased substantially, on the other hand, more liquidity has come back to mining. Convex is still leading and cvxCVR has maintained.
  • Other Stablecoin Platforms: the yields vary from 7% ~ 30%, and averaged 18%, decreased from 20% last week. Wasabi topped this category this week, despite its yield was down from last week, as more funds moved in as its v2 stabilized.
  • Other (non-USD stablecoin) platforms, aka Exotic Strategies: Exotic strategies are delivering 26% to 51% yield now. Mirror Protocol came back to top, as Polyquity’s yield stabilized with more liquidity into its new stablecoin V2 pool on Sushiswap.The penalty rate of 0.08% is the difference of Curve’s Aave Pool yield on Polygon over the same pool on Ethereum, narrowed from last week’s 4.52%. This is largely due to the level of transaction on Aave poly on Ethereum and this is more like to be temporary.
  • Uniswap/Alpha: Uniswap earnings turned positive, for half stablecoin, half ETH pairs. This is due to funding cost turned positive (giving a yield for short) and continued to go higher as market sentiment turned bullish.
  • Binance Coin-Margined Funding Rate: funding rates are positive, as market turned bullish.



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The Serenity Fund

The Serenity Fund

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