[Weekly] Market Return on StableCoin-based Strategies(4 Apr 2022)

  • Risk Free Rate: 2.40%. Risk free rate, representing the safe yield from Compound, Aave and Curve, was significantly higher than last week’s 2.18%. Market continued to rebound and driving all yields to be higher.
  • Curve/Yearn/Convex: The Curve/Yearn Large-Cap Benchmark Rate is now 7.8%, higher than last week’s 7.6%. The prices corrections of CRV and CVX have slowed down and the yields were moderately better than the week before. Incentives from Votium came back to a record high level and this spurred the growth momentum of CVX in the long run.
  • Other Stablecoin Platforms: the yields vary from 6% ~21%, and averaged 13%, higher than last week’s 11%. Vesper’s USDC Aggressive Strategy topped this category this week. Other platforms have generally displayed some improvements in yields due to rising prices.
  • Other (non-USD stablecoin or non-Ethereum) platforms, aka Exotic Strategies: Exotic strategy yields’ are from 1% to 70% now. Mirror Prorocol’s USO (oil) vault continued to top this category; we expect this to continue for a while. The yield for EURN was significantly higher than other EUR products, as Neutrino EUR, a Waves Protocol product, has temporarily gone under-peg at 0.92 cent for one EUR. The yield reflects the risk premium the market is asking for a potential depeg. So is the sister product Neutrino USD. There are not many new projects on Ethereum recently nor on other major EVM chains we cover here; there are new farms on new and reletive smaller chaims like Oasis or Astar, but their reliability cannot yet be measured.
  • Uniswap/Alpha: Uniswap earnings were average last week as well, for half stablecoin, half ETH pairs, as trading volume recovered to some extent, hoping for a new bull run.
  • Binance Coin-Margined Funding Rate: funding rates were mostly positive, as the confidence level of the market continued to improve.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
The Serenity Fund

The Serenity Fund


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