[Weekly] Market Return on StableCoin-based Strategies(27 Dec 2021)

  • Risk Free Rate: 3.22%. Risk free rate, representing the safe yield from Compound, Aave and Curve, was a lot higher than last week’s 2.74%. Over the past week the market moved up significantly, with ETH breaking $4000 again and Defi protocols moving up 10%-20% in general.
  • Curve/Yearn/Convex: The Curve/Yearn Large-Cap Benchmark Rate is now 14%, higher than last week’s 11%, due to a major correction of $CRV. $CVX also inched up due to announcement of launch of Frax Finance markets. Yearn has made major moves as well with an intention of making a Curve-like staking program.
  • Other Stablecoin Platforms: the yields vary from 6% ~ 23%, and averaged 14%, marginally higher than last week’s 13%. mStable’s pool topped this category this week again. After Fei Protocol’s merger with Rari Protocol, $TRIBE price went up a bit as holders were generally positive about this merger. Vesper’s new initiatives like Earning Pool and Aggressive Pool did not generate much TVL for the protocol, but as a result the yields remained decent (not reflected in the above table). Idle Finance has launched a tranching product and our analysis will follow this week.
  • Other (non-USD stablecoin or non-Ethereum) platforms, aka Exotic Strategies: Exotic strategies are delivering 5% to 48% yield now. Fixed Forex’s EUR pool in Yearn has topped this category.
  • Uniswap/Alpha: Uniswap earnings were still not strong last week, for half stablecoin, half ETH pairs, despite there being an upward move in the market.
  • Binance Coin-Margined Funding Rate: funding rates remained low but all positive last week.

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