After the stablecoin protocol USUAL was listed on Binance, it has maintained a strong trend. This has also caused the market to turn its attention to the field of stablecoins. This article will introduce two stablecoin protocols, USDX and Resolv, that are similar to Ethena and use term arbitrage strategies to make profits. And share its features and how to participate in the airdrop.

How to safely obtain annualized returns? Perpetual contracts give rise to tariff arbitrage

The concept of term arbitrage is to hold a spot position and at the same time open a short contract position of the same position size to hedge. Since spot is equal to long, holding a short position can ensure that the value of the position remains roughly unchanged. In the bull market, you can earn funding rates from it. The annualized income of Ethena's official website before the deadline is about 10%. Term arbitrage is also called tariff arbitrage and funding rate arbitrage.

For example: hold 10,000U of $BTC spot, and then hold 10,000U of $BTC short position. At the time of writing, Coinglass predicts that the annualized rate of Binance BTC fees is about 10.95%, which means that if the position size remains unchanged, 10,000 multiplied by 10.95%, or about 1,095 U, can be earned from the short position in one year.

The team has a bad record and needs to be carefully evaluated before participating.

The USDX protocol received 45 million Mg in financing from Dragonfly, NGC Ventures, UOB Venture, Generative Ventures, BAI Capital, and Times Capital on November 29, with a valuation of up to 275 million Mg. From investors to team members, it is mainly the Chinese team that can make judgments. However, the founder Yang Zhou also previously founded the stablecoin protocol Hope.money, and the final result was not very good, so there may be a question mark on the team's experience.

However, the advantage of USDX is that it is right in the hot spot of the stablecoin track and has a cooperative relationship with BNB Chain. As we all know, Binance urgently needs to use DeFi to boost the price of BNB Chain and even BNB. USDX has a cooperative relationship with ListaDAO, the liquidity staking protocol on BNB, which can also liberate the liquidity of staking.

The difference from Ethena is that USDX uses a multi-currency arbitrage strategy as support, while Ethena is mainly based on large market capitalization currencies such as BTC and ETH. In comparison, USDX may have greater liquidity risks, but its income channels are more diverse. Unfortunately, USDX does not explain the specific operating currencies and partner exchanges, and this part is relatively opaque.

Is the money saving game worth participating in? TVL has come to 530 million mg

This type of stablecoin project is nothing more than a money-saving game. You can exchange USDT or USDC into USDX by connecting to the wallet on the official website. Each $USDX can earn 1.5 points per day, and staking $stUSDX can earn an additional 1 point. In addition, there are also some Galxe tasks on the official airdrop page to earn points.

Although providing liquidity for USDX can also earn points ranging from 1 to 2 times, the author recommends depositing $sUSDX and lending $lisUSD in ListaDAO. Similar to the concept of stablecoin nesting dolls, funds can be activated. But remember to confirm that the wallet is switched to the BNB chain at the beginning. USDX’s points campaign runs for eight weeks from December 3, and there’s still time to participate. The TVL of USDX reached 530 million mg before the deadline.

Improved Ethena mechanism, $USR and $RLP cover each other

The Resolv team comes from Russia. The team received financing from Delphi Digital. The amount and valuation were not disclosed. Resolv launched the stablecoin $USR. The official website claims that every $1 of $USR is reserved by more than $1.1 of assets, of which $0.7 is completely traceable on the chain. However, for users, they can use USDT or USDC to mint $USR at a ratio of 1:1, so there is no big problem in terms of capital efficiency.

Unlike Ethena, Resolv has an additional $RLP (Resolv Liquidity Pool) token as a guarantee. Resolv defines $RLP as a liquid token with leveraged returns, absorbing the risk of a delta neutral strategy. $RLP is used to protect $USR from market and counterparty risks (such as short position liquidation). In order to attract users to mint $RLP, $RLP tokens can receive higher profit sharing.

Resolv currently only holds $ETH and liquid collateral tokens linked to $ETH, and holds short positions on $ETH-related trading pairs. The Resolv vault can be queried on the website. The author thinks that the most noteworthy thing is that currently about 30% of futures positions are established in Hyperliquid, which means that even short positions are available for query and are relatively transparent.

More importantly, Resolv is expected to launch HyperEVM in the future and provide HyperEVM with stablecoin options other than USDC. The author believes that it is very attractive to enter from this perspective.

There are only four days left for the 50% points bonus for the fourth phase of the event

It is understood that Resolv will launch the governance token $RESOLV in the first quarter of TGE. Its functions include:

  • As a voting right for governance proposals, it covers matters such as adjustments to funding strategies, approval of new integration plans, allocation of funding grants, etc.

  • Align interests with trading platforms, liquidity providers, DeFi protocols, and other long-term partners of the protocol.

  • Used to allocate treasury tokens to bug bounty programs and other community-supported protocol projects.

As for the airdrop part, as of this writing, Resolv’s fourth phase points plan still has 4 days left. During the fourth phase, you can get an additional 50% points. The rules of the next phase may be different. By using the invitation link, the invitee can get an additional 20% points. It is also recommended to use an address that has interaction records with Hyperliquid and Dinero, which can increase an additional 10% points. To sum up the above, there are 80% points. In addition, holding Genesis NFT can increase by 25%, but the current floor price is 0.55 ETH, which may be more suitable for large investors.

Points tasks:

  • Holding $USR stablecoin: you can earn 30 points for each $USR per day, and staking $USR’s liquid staking token $stUSR is 5 points.

  • Hold $RLP tokens: Earn 10 points per $RLP per day

The holding part is currently only open to the Ethereum mainnet, but will be launched on the Base chain soon.

In addition, if you provide liquidity and hold YT on protocols such as Pendle, Spectra, and Euler, you will receive 30, 20, and 10 points for each dollar respectively. What’s special is that Euler offers a $stUSR market, but it’s also 5 points. Although users who buy YT have great success in Usual, they still need to be reminded that such an operation is risky.

However, the easiest way for ordinary people is to provide liquidity on Dex such as Aerodrome, Curve, Uniswap and Balancer. The links to each liquidity pool are on the points page of the official website. Resolv's TVL at press time came to 350 million mg.

This article Who is the next Ethena? This article will introduce you to two major term arbitrage strategies, stablecoin protocols USDX and Resolv. This article first appeared on Chain News ABMedia.