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siddhant
@siddhant98
Can Stablecoins be Both Decentralized and Capital Efficient? That's the promise behind Delta-neutral Stablecoins - But not all designs are created equal. What’s the most decentralized and capital-efficient stablecoin? We can think of stablecoins along a spectrum. - On the far left: fiat-backed stables like USDC or USDT: capital efficient, but not decentralized. - Toward the middle: Maker's sDAI: decentralized, but not capital-efficient (overcollateralized). Then there’s what’s emerging on the far right: delta-neutral stablecoins like $USDe and $USR, both decentralized and capital-efficient. But are they built the same? Let’s set the stage 👇
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siddhant
@siddhant98
What do Ethena and Resolv Protocol have in common? - Both are delta-neutral: they hedge $ETH + $BTC exposure using spot + short perp positions. - Both offer staked variants — sUSDe (Ethena) and stUSR (Resolv) — that earn yield. - Both draw yield from: Staked ETH rewards + Perpetual funding rates (when longs pay shorts) They look similar on the surface — but the architecture begins to diverge.
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siddhant
@siddhant98
$USR vs $USDe: High-Level Differences Insurance Model: - Resolv uses a dual-token system. A separate token, RLP, absorbs all risk to protect USR (→ more on this in the next post). - Ethena uses a centralized insurance fund with assets like USDtb, USTB, and USDS. Minting Access: - USR can be minted by anyone using stablecoins like USDC — fully permissionless - USDe is mintable only by whitelisted, KYC-cleared participants - But both are liquid on secondary markets Yield Snapshot (as of April 2025): sUSDe: ~4% APY stUSR: ~9% APY RLP (Resolv’s risk pool token): ~15.88% APY If both use the same delta-neutral engine, what really sets them apart? It’s in how they handle risk — and who carries it.
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