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

  • Risk Free Rate: 0.72%. Risk free rate, representing the safe yields from Compound (USDC), Aave (USDC) and Curve (3-pool), was marginally higher than last week’s 0.70%. The market was quiet last week, and prices movements were mostly sidways.
  • Curve/Yearn/Convex: 2.3%. The Curve/Yearn Large-Cap Benchmark Rate is marginally lower than last week’s 2.4%, with no material change in the TVLs of each pool.
  • Other Stablecoin Platforms: the yields vary from 2% ~ 11%, and averaged 5.6%, lower than last week’s 6.3%. This is attributable to the lower yield from Gro Protocol as well as Vesper, both protocols have little or no incentives now. TrueFi’s BUSD pool continued to top this category, but the liquidity is tightening. Maple Finance followed closely, but its Maven11 pool seeing liquidity draught again. Other than un-collatoralised borrowing protocols, MIM has been maintaining decent yields so far.
  • Other (non-USD stablecoin or non-Ethereum) platforms, aka Exotic Strategies: Exotic strategy yields’ are from 3% to 8% now. EUR dipped below $1 last week but came back moderately this week, but still weak in the light of USA rate hiking and drawing liquidity to USD. Similarly, gold price had fallen to before-war time lows. EVM markets had comparable yields to their Ethereum peers, as the cost on Ethereum has significantly lowered and movements of liquidity were cheaper now.
  • Uniswap V2: Uniswap earnings were average, for half stablecoin, half ETH pairs, as the market calmed down despite pessimism still being the mood.
  • Binance Coin-Margined Funding Rate: funding rates were more positive last week, with BTC and DeFi tokens being favour by the market.

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The Serenity Fund

The Serenity Fund

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