[Weekly] Market Return on StableCoin-based Strategies (24 May 2021)

  • Overview: Market crashed last week and there’s no certainty whether the bear market is coming or not. We saw yields drop by half for most protocols. So exercise caution when you make investment decisions.
  • Curve/Yearn: The Curve/Yearn Large-Cap Benchmark Rate is now 16%, vs 24% last week, as CRV dropped by more than half. Yearn’s boost factor has come down and its net earnings are now slightly less than the major curve pools with 1.5x boost.
  • Other Stablecoin Platforms: the yields vary from 7% ~ 70%, and averaged 29%. Washbi Finance, Truefi are doing very well in the falling market. Liquity is stable as well, not only its stablecoin, but also the yield.
  • Other (non-USD stablecoin) platforms, aka Exotic Strategies: Mirror Protocol are now over 40% (compound weekly), down from 100% level last month. Note that Mirror is shifting its mIAU vault later today. Ruler is now experiencing massive under-collateralisation, so it’s safe to stay put until next month, when the new fixed rate loans for Jun are rolled.
  • Uniswap/Alpha: Uniswap earnings were great last week, with USDC-ETH and USDT-ETH hitting 200%. Leveraged Alpha Homora, the yield on USDC-ETH pair is 376% now, after converting APR to APY.
  • Compound Leveraged Yield: at 70% leverage, the total return from this strategy is about 10% to 20% last week. Note that this strategy can also be used to hedge USDT exposure.
  • Binance Coin-Margined Funding Rate: it’s very rare that we see a negative funding rates cross the board. We hope the market stabilizes soon.

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