[Serenity] Weekly Stablecoin Alpha - 18 Jan 2024
Our weekly now covers the alpha in the stablecoin industry and an overview of the investment yields in the industry. For details on how to read the Stablecoin Yield Overview, please refer to this article.
Featured High Yield Pools
Selection criteria: TVL over 50k
Now in Pendle Finance for yield arbitrage, holding is YT - Silo crvUSD; no change in the past week. NAV $12,453 now.
33% and $19m TVL
Lending to large players like Michael Egorov is a not a bad idea. We see both yield and TVL increasing in Curve related Frax lending pools in Fraxlend.
82% and $3m TVL
Notional launched its Arbitrum V2 a few months back and last week it announced the distribution of its STIP incentives. With the $ARB, the leveraged yield of providing liquidity on Notional can be over 100%. However, currently the protocol is paused for bug checking.
23% and $57m TVL
ETH-denominated delta neutral investments are having a good time too. EtherFi, an Eigenlayer derivative protocol, has launched its YT/PT token pair on Pendle Finance. Providing liquidity will give you a yield of 23%. The actual yield will be higher, as this number here excludes the value of Eigenlayer and EtherFi points. Alternatively, you can also just buy PT-eEth at 26% yield.
Stablecoin Yield Overview
For the definition details of each category, please refer to our article.
We have also added a delta neutral ETH-denominated yield summary (green table), to be released officially soon.
In-Depth Thread or Article Summary
Paxos's USDP goes live on Sonala
Paxos launced its regulated stablecoin USDP is now live on the Solana blockchain. his integration makes it easier for anyone to access and use the safest, most reliable stablecoins in the market.
Today FRAX v3's $FXB module goes live! This completes the FRAX v3 design and all new feature deployment. This is a watershed moment because of the unique design and utility of FXBs within DeFi.
Stablecoin supply saw largest monthly net inflow
Since Oct 2023, the Aggregate Stablecoin Supply has been experiencing an expansion and has recently recorded a monthly increase of $4.17B, the largest inflow since March 2022. This places the Aggregated Stablecoin Market Cap at a current value of $128B. By @glassnode
TUSD Deppegged slightly after real-time attestation paused
TUSD tumbled as low as $0.984 on Jan. 15, amid reports that holders are cashing out for USDT and reported difficulties posting real-time attestations of its reserves.
13 Steps to Decentralized Stablecoin Adoption by Ryan McCain
The auther talks about the raodmap of a stablecoin to mass adoption.
Serenity Team
18 Jan 2024
Disclaimer
The information provided on this document and the referenced sources do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the content as such. The author of the document makes no representation or warranty as to the accuracy and or timelines of the information contained herein. A qualified professional should be consulted before making any financial decisions.