More RTokens, Arbitrum Grant, Yield!
Well, RTokens continue to grow — in volume and number. Welcome (back) to your weekly roundup — let’s go!
- Memory Lane
- TVL
- New RTokens
- AOB
Memory lane
Well in 2023 we saw a new entrant to the RToken family — and someone with less than 100 followers. This should be an object lesson in bootstrapping an RToken
So in a year, hyUSD has gone from zero and less than 100 followers to $4.6M on Base and $1M on ETH and is the 5th largest TVL stablecoin on Base
Congratulations Tom! And Happy Birthday hyUSD 🍰
We also saw the saplings of a new type of RToken — staked ETH..
Who’d have thought eh?
2022 we’ll pass over quickly
2021 was merch for Venezuela
TVL
Ok some charts and screengrabs to start — TVL going up and bsdETH is growing at quite a rate — more on that later.
Price fluctuations on ETH and RSR mean the total value has dropped but RToken TVL is rising.
Staking on eUSD for a year during a bear has given you 10% more RSR — a better rate than a bank account. And no RSR were minted and ever will be.
TVL on Base has been growing rapidly — in part due to Reserve..
Reserve is now the 15th TVL Project on Base and growing very fast.
Within the index category on DeFiLlama, it sits 5th. What chance in 6 months with a few more RTokens up to 3rd?
Yields are still extremely strong — and I am enjoooooying Beefy Finance which uses the Aerodrome pool for hyUSD / eUSD — currently at 95%. Crazy.
bsdETH / ExtraFi partnership
Wow protocols REALLY want your liquidity — like banks fighting over your current account. We’ll see later that DeFi is severely underfunded in raw stables, so this will continue until someone comes in and arbitrages it away. Until then — enjoy!
New RTokens
Hot on the heels of rgUSD (which I personally think will be massive), we have another new entrant — both of which are now on Register main page :
Expect a lot more of these to appear — but the beauty of this is you can enjoy the yield yourself and get in and out at a dollar and not have to go via a third party aggregator.
Confirmation of the basket for rgUSD — there’s a bit of a to-do at the moment over DAI’s involvement in Ethena’s new ‘stablecoin’. Basket can be swapped of course…
New RToken USD3! Let’s take a look at it
Nice logo — green as well. He states — never put me on Crufts commentary — ooh another dog — 4 legs as well.
So USD3 is going for the highest rated backing as rated by BlueChip — a nice synergy. You’re also de-risking through portfolio exposure. This is on Ethereum to start as PyUSD has not made it to Base I don’t think but could easily be ported across once it is. Looking forward to seeing the strategy behind this. I do tweets for very reasonable rates (jkjk).
AOB
A reasonable amount to get through, so first up we’ve got a 500k ARB grant from Arbitrum
You could argue punching above their weight here. Just under half of all applications were successful.
New job opportunity in Reserve for a DeFi technical writer :
And the other positions are on Twitter
Tom keeping up the video snippets
I think I mentioned I couldn’t find the link to the governance grant last week — well here we are — Stablelab are going to be running the governance initiatives for Reserve — they are vastly experienced and will work with the team to improve governance — hopefully we’ll see some great initiatives.
There was a community call on 2nd April in Discord but unfortunately I missed it.
Now — fancy a quest to LP hyUSD? Fancy using layer3 to promote that to their 543k followers?
More plugins are on their way! More ways to make RTokens — and there’s talk of a link to Pax Gold.
Now I mentioned earlier the lack of fresh money for liquidity before — here’s a great thread by Soham
There’s basically a lot of demand for lending and not enough supply so rates are high. Remember everyone saying they couldn’t match Terras 20% apy (I know, I know it wasn’t real) but now you can get 23% on DAI — DAI!
Soham called the ETH staking bonanza so I think he’s probably called this as well — we’re going to see a lot more capital flow into DeFi — I wonder which RToken they will choose?
Why is bsdETH based? Read on, reader.
Finally the results of the grant by Confusion Capital have come out :
Full disclosure — I was part of a winning submission for The Sovereign Stack, so expect more podcasts and content from there! Well done to everyone else as well.
Extra content — superb Meme
Double meaning — niiiiiiice.
And there we are — just in time for tea!
