[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.

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The Serenity Fund

The Serenity Fund

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