[Weekly] Market Return on StableCoin-based Strategies(5 September 2022)

  • Risk Free Rate: 0.66%. Risk free rate, representing the safe yields from Compound (USDC), Aave (USDC) and Curve (3-pool), was marginally lower than last week’s 0.68%. Last week, the market was quiet and prices went up slightly overall.
  • Curve/Yearn/Convex: 3.6%. The Curve/Yearn Large-Cap Benchmark Rate is slightly lower than last week’s 3.8%. This was the result of lower yield from Iron Bank pool, therefore reducing the average yield. The yield from other pools generally improved due to a better CRV and CVX prices.
  • Other Stablecoin Platforms: the yields vary from 3% ~ 12%, and averaged 6.8%, lower than last week’s 7.0%. TrueFi’s USDC Pool continued to top this week. There’s little to comment on this week, as the market is quiet. Gas price was as low as 1 gwei during some hours over last weekend. It seems that the market is patiently waiting for a fe major events this month, one of most important ones being the Merger. Fed’s rate hike anticipation also has a bearing in the market sentiments.
  • Other (non-USD stablecoin or non-Ethereum) platforms, aka Exotic Strategies: Exotic strategy yields’ are from 3% to 16% now. ibEUR continued to deliver good yields for its pairs with agEUR and sEUR, and remained a global top this week. Gold and EUR prices remained weak, due to a bleak economic forecast globally. EVM chain protocols have not outperformed Ethereum in terms of yield for a long time.
  • Uniswap/Alpha: Uniswap earnings remained average, for half stablecoin, half ETH pairs, in line with the market sentiment. Patience is important this month.
  • Binance Coin-Margined Funding Rate: funding rates were all negative except for UNI, as its price came back over 10% last week.

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The Serenity Fund

The Serenity Fund

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