[Weekly] Market Return on StableCoin-based Strategies(3 Jan 2022)

  • Risk Free Rate: 3.09%. Risk free rate, representing the safe yield from Compound, Aave and Curve, was a lot higher than last week’s 3.22%. Market was turbulent last week and the risk free rate came down a bit, as more funds were withdrawn from risky investments to savings.
  • Curve/Yearn/Convex: The Curve/Yearn Large-Cap Benchmark Rate is now 13%, lower than last week’s 14%, as a result of the balance of more funds seeking safe harbour during year end and a strong $CVX and $CRV.
  • Other Stablecoin Platforms: the yields vary from 6% ~ 23%, and averaged 13%, marginally lower than last week’s 14%. Frax’s pool topped this category this week again. We have added back TrueFi to replace AlChemix, which has a declining yield. Abracadabra’s MIM is now becoming a popular stablecoin and its yield will be more than 5.7% (depositing into Curve) if they are deposited into Convex or other platforms.
  • Other (non-USD stablecoin or non-Ethereum) platforms, aka Exotic Strategies: Exotic strategies are delivering 9% to 69% yield now. Fixed Forex’s EUR pool in Yearn has continued to top this category.
  • Uniswap/Alpha: Uniswap earnings were still not strong last week, for half stablecoin, half ETH pairs, more signs of a weak Uniswap dominance and in general a weak DeFi market.
  • Binance Coin-Margined Funding Rate: funding rates remained low but all positive last week.

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