Resolv: Innovation of Delta Neutral Yield Stablecoin in the Three-Token Model

Recently, the on-chain Delta neutral yield stablecoin project Resolv completed a $10 million seed round financing, marking the project's first public financing since its establishment in 2023. Compared with similar projects, Resolv has demonstrated unique innovations, including a more distinctive yield model, more on-chain yield sources, and more complex Token economics.

The three founders of Resolv all have a science background and received their education in Russia. Compared to other projects, Resolv shows a greater embrace of the on-chain ecosystem and competes for market share by offering higher yields.

In terms of token economics, Resolv adopts a three-token mechanism, consisting of the stablecoin USR, the insurance fund and LP Token RLP, and the governance token $RESOLV. Among them, USR and RLP constitute a dual-yield token system. Users can theoretically mint USR at a 1:1 ratio after depositing USDC/USDT/ETH. These assets are primarily stored on-chain protocols or specific platforms to reduce the risk of asset loss due to hedging by centralized exchanges.

RLP Token is designed to cover the funds hedged in centralized exchanges and provide higher yields. Theoretically, the annualized yield of USR is between 7% and 10%, while RLP is between 20% and 30%, although the actual yield has not yet reached the expected level.

In terms of revenue sources, Resolv is more actively embracing the on-chain ecosystem. The revenue of the YBS project typically comes from the inherent yields of income-generating assets like stETH, as well as the fees from hedging contracts on centralized exchanges. Although on-chain yields may be higher than those from centralized exchange hedging, insufficient liquidity remains a significant issue.

Resolv introduces RLP as an insurance mechanism to address the current situation where it is impossible to completely eliminate the involvement of off-chain exchanges and USDC. Theoretically, USR will be fully over-issued by on-chain assets, with part of the issued collateral assets used for institutional custody and off-chain hedging. RLP needs to "compensate" for this portion of profits to maintain competitiveness.

Compared to other projects, Resolv places more profits and funds on-chain, which means facing various impacts and risks of on-chain portfolios. In a highly competitive environment, balancing security and yield has become a major challenge.

As more and more projects join the YBS track, how to stand out in front of unfamiliar retail investors will become a key issue. The combination of USR and RLP can be seen as a mixture of multiple innovative products, attempting to surpass existing products through more complex mechanism designs.

However, this innovation also brings higher risks. Any LP Token mechanism may face the dilemma of creating liquidity for liquidity, and the insurance mechanism of RLP has yet to be tested against extreme market conditions. In the future, whether Resolv can successfully pass the "coming of age" of stablecoins remains to be verified by the market.