Resolv, a decentralized stablecoin protocol, saw its total value locked (TVL) reach a new all-time high of $77 million, as per DefiLlama. The platform’s TVL has soared over 380% since the beginning of November, becoming one of the best-performing DeFi protocols on Ethereum.
Resolv offers a decentralized stablecoin called USR, which is pegged to the US dollar and is fully backed by Ethereum. It borrows Ethena’s delta-neutral design to ensure price stability and is backed by an insurance pool to provide additional security and ensure overcollateralization. Resolv Liquidity Pool (RLP) holders receive an annual percentage yield (APY) ranging between 15% and 70%.
The TVL of USR reserves has surged to a record $40 million from $13 million at the beginning of December. DefiLlama listed USR in June of this year with an initial TVL of less than $9 million. All reserve deposits represent Ethereum, whose price has nearly tripled in the past month alone.
On Wednesday, December 11, Resolv’s USR token experienced the best day in terms of ETH inflows, with over $8 million worth of crypto deposited on the platform.
Resolv’s insurance pool, RLP, saw its TVL soar to a record $36 million, up 56% since the beginning of December. On November 1, the pool had over $7 million in TVL. The RLP absorbs the risks of USR’s delta-neutral strategy, with potential losses being attributed to RLP holders only. In exchange for providing their protection, RLP holders receive generous yields.
RLP saw record inflows on November 27, when $4.4 million worth of tokens were deposited in the pool.
The pool’s current APY is 18%, down from 32% at the beginning of December. The fluctuating APY rose to a record 1,100% at the beginning of November.
Thanks to its recent growth, Resolv has become the sixth-largest DeFi protocol in the Basis Trading category, where Ethena leads with a record $5.7 billion.
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