[Weekly] Market Return on StableCoin-based Strategies(17 October 2022)

The Serenity Research
2 min readOct 17, 2022


We provide a weekly update of the platforms we track, based on the strategies discussed in Serenity Fund’s Overview of Stablecoin Investments and the periodical updates.

(Note: Yields derived from mining reward tokens are based on the prices of tokens on 17 October. Yields that are cumulative, e.g. Uniswap and Compound’s basic earnings and Binance funding rates, and are actual yields over last week, compounded weekly to derive the APY.)

Quick analysis on 17 October:

  • Risk Free Rate: 0.87%. Risk free rate, representing the safe yields from Compound (USDC), Aave (USDC) and Curve (3-pool), was higher than last week’s 0.74%. The increase in the rate was largely due to the increase in the lending rate of USDC in Aave.
  • Curve/Yearn/Convex: 2.1%. The Curve/Yearn Large-Cap Benchmark Rate is lower than last week’s 2.3%. We also noticed the drops in TVL in sUSD and Aave pools. The drop in the overall right was due largely to the drop in yield in the sUSD pool.
  • Other Stablecoin Platforms: the yields vary from 2% ~ 19%, and averaged 6.7%, higher than last week’s 5.9%. This week, TrueFi’s USDT pool topped the category, as the pool’s liquidity shrank significantly as Wintermute paid off its$95m loan. There was no material change in other protocols.
  • Other (non-USD stablecoin or non-Ethereum) platforms, aka Exotic Strategies: Exotic strategy yields’ are from 4% to 9% now. EUR farms continued to deliver good yields. The yield from EVM chains have recovered slightly compared to past weeks.
  • Uniswap V2: Uniswap earnings continued to be low, for half stablecoin, half ETH pairs, as the market continued to be quiet and there was little trading activities.
  • Binance Coin-Margined Funding Rate: funding rates were a mix of positive and negative last week. UNI continued to have over 8% funding rate, after announcing a new round of fundraising and spurred demand.

The above summary is a snapshot of what the market looks like over the last week and as of Monday. This is by no means the portfolio of any of Serenity Fund. Neither is the above table meant to be a ranking table nor to be exhaustive. There are various other defi protocols and products that can offer different risk and return exposures. Follow our Twitter below to have more timely and detailed information on the defi market.

(Serenity Team, 17 October 2022, Twitter: https://twitter.com/SerenityFund )



The Serenity Research

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