[Weekly] Market Return on StableCoin-based Strategies （21 Dec 2020)
In line with Serenity Fund’s strategy on investment of stablecoins, we provide a weekly update of the returns.
Quick analysis for the past week:
- Last week, the best yielding asset goes to Uniswap’s DAI-ETH pair. Due to the Warp Finance hack, 300 milllions of DAI were transacted and it pushed the weekly yield of the pair high. USDT-ETH and USDC-ETH also benefited to a minor extend. Christmas windfall ~
- In any case, we have observed over the past few weeks since Uniswap stopped liquidity mining rewards, it’s still stronger than Balancer and also Sushiswap. Barring windfalls, the APY of Uniswap is usually equal to that of Balancer and Sushiswap, both have to provide mining rewards to compete. If everything stands the same, Uniswap will win the game; but we expect Balancer and Sushiswap to innovate to catch up.
- Last week, due to the Bitcoin’s record-breaking price, funding rates in Binance have been running high as well. So if you just used our CEX Hedging Strategy, one of our most basic strategy, the yield would have been 30% to 50% annualised.
- Compound and Curve still managed to maintain high-teens for their yields, despite competition from everywhere to attract stablecoins.
In addition, we have looked at other market opportunities last week (which mostly temporary):
- CREAM Leveraged Mining, APY is 20% to 30% now. It’s ETH-denominated. It’s ending shortly after Christmas.
- Cover Protocol Mining, its APY has come down to 50% to 60% range. We have took a bit of risk to boost the yield to 200%. We will be releasing this after we exit, as this is a premium strategy for paid audience.
- We have further analysed Harvest Finance, as well as few other platforms with high yield stablecoin mining rewards, for the likes of Idle, KeeperDao, Rari and Barn Bridge.
We will be taking a break next week but if time permits, we will be looking at the general macros of the Defi industry. For instance, how much REAL value-generating activities are out there, other than mining rewards? Stay tuned.
Follow our Twitter for the latest updates. And Merry Christmas to all!!
(Serenity Team, 21 Dec 2020. Twitter https://twitter.com/SerenityFund)
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