Stablecoin Project Resolv: Innovative Three-Token Model of Delta Neutral Earning Strategy

Recently, an on-chain delta-neutral yield stablecoin project named Resolv completed a $10 million seed round funding. This is the project's first public financing since its establishment in 2023. Compared to similar projects, Resolv adopts a more unique yield model, on-chain yield sources, and complex Token economics.

The three founders of Resolv all have a science background educated in Russia. The project adopts an economic model with three tokens: the stablecoin USR, the RLP which serves as both insurance funds and LP Token, and the governance token $RESOLV.

In terms of revenue sources, Resolv is more inclined to embrace on-chain ecosystems. Its revenue mainly comes from the inherent yields of income-generating assets such as stETH, as well as contract hedging fees on centralized and decentralized exchanges. Currently, Resolv's hedging contract opening ratio on Binance and Hyperliquid is approximately 7:3.

Resolv introduces RLP as an insurance mechanism to reduce reliance on centralized exchanges and USDC. Theoretically, USR will be fully over-minted by on-chain assets at a current ratio of 120%, of which 40% are on-chain assets (, with part of the collateralized assets used for institutional custody and off-chain hedging. RLP needs to "compensate" for this portion of revenue to maintain competitiveness.

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The annualized yield of USR is expected to be between 7% and 10%, while the yield of RLP can reach 20% to 30%. This design aims to balance security and yield, but it also increases risk. Any LP Token mechanism may fall into the dilemma of creating liquidity for the sake of liquidity, and the insurance mechanism of RLP has yet to be tested under extreme market conditions.

Although Resolv's innovative design has brought new possibilities to the YBS) yield-bearing stablecoin ( space, its complex mechanism also increases potential risks. As YBS projects continue to emerge, how to maintain security and attractiveness in a competitive environment will become a key challenge.

In the future, the YBS project may continue to develop towards more complex mechanism designs in order to surpass existing products. However, this trend may also bring higher risks. For emerging projects like Resolv, passing the "unpegging" milestone of this stablecoin will be a crucial step.

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