[Weekly] Market Return on StableCoin-based Strategies (8 March 2021)

  • Curve (or Yearn if you do not wish to invest in CRV to boost) yields came down from that of last week. This is largely due to a declining CRV price, and reduced level of volume, as the gas price remained high. Yearn’s boost came down as well, as total deposits increased.
  • Other platforms — we include here for now KeeperDao, mStable, Idle Finance, Frax Finance and Vesper Finance — had better returns compared to Curve/Yearn. Vesper continued to give higher yield as the price of VSP held.
  • If you consider some exotic strategies, like gold-USD pair, EUR-USD pair, or underwriting insurance, than the yield will be higher, e.g. 100%-200%. Nonetheless, the risks are higher in all aspects as well. In this category, Cover Protocol’s team launched an innovative borrowing product Ruler Protocol, and the mining rewards were extended to Cover Protocol. It was high but the RULER price has been declining rapidly. For details, please refer to our article on Ruler and Cover here.
  • Our traditional strategy of Uniswap Liquidity Providing and Compound Leveraged Mining gave average yields now. Whilst Uniswap’s overall ROI seems to be higher, do remember this is only an estimate, as impermanent loss is point-of-time and not cumulative. So the Uniswap strategy’s actual yield depend on the time you exit.
  • Last week, Binance’s funding rates were diversified, with BTC being flat, but ETH and other Defi coins giving decent yield. In future, we will further update this to be Coin-Future based funding rates, to better reflect what an individual investor can do.

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The Serenity Fund

The Serenity Fund

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