[Weekly] Market Return on StableCoin-based Strategies(29 Nov 2021)

  • Risk Free Rate: 3.48%. Risk free rate, representing the safe yield from Compound, Aave and Curve, was comparable to last week’s 3.52%. Last week, the market had dipped but rebounded on Monday.
  • Curve/Yearn: The Curve/Yearn Large-Cap Benchmark Rate is now 12%, same as last week’s 12%. This is in line with the bumpy market but somehow CRV and CVX prices remained comparable to last week, maybe due to the yield supports of these platforms.
  • Other Stablecoin Platforms: the yields vary from 10% ~ 34%, and averaged 21%, marginally down from last week’s 22%. Frax Finance’s liquidity pool on Uniswap V3 continued to lead this category, as other platforms narrowed the yields. There was a significant drop in the yield of Abracadabra, due to a falling SPELL price.
  • Other (non-USD stablecoin or non-Ethereum) platforms, aka Exotic Strategies: Exotic strategies are delivering 4% to 97% yield now. Mirror Protocol continued to give a high yield, whilst stablecoin yield on most EVM chains came down fair bit, not only limited to those listed here. It’s hard to find a big platform on any EVM chain delivering over 30% yield.
  • Uniswap/Alpha: Uniswap earnings were low last week, for half stablecoin, half ETH pairs. We believe this is a result of other EVM chains stealing market share (of trading volume and TVL).
  • Binance Coin-Margined Funding Rate: funding rates remained around low teens in this bumpy market.

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