Resolv： Introducing risk stratification to redefine the YBS paradigm 💸 The world of stablecoins will become more complex and fragmented than ever before in 2025. On the one hand, trading stablecoins such as USDT and USDC dominate the cross-border payment and trading scene; On the other hand, a new ecosystem is quietly emerging - Yield Bearing Stablecoins (YBS). On April 16th, the new generation YBS stablecoin project Resolv was jointly led by @ cyberFund_&@ Maven11Capital@ A 10M seed round financing involving Tier 1 capital such as cbventures and @ Arrington Cap. one ⃣ The main application scenarios of stablecoins are trading media vs. interest bearing bills (Aka, interest equity tokens) Before analyzing Resolv, let's first sort out the main application scenarios of stablecoins at present. The value proposition of traditional stablecoins such as USDT and USDC is very clear. They are the "dollars" of the crypto world, serving as a medium of exchange and a store of value, but providing almost no native returns. However, YBS type stablecoins (MakerDAO's USDS (formerly DAI), Ethena's USDE, and Resolv's USR) are different in that they combine stablecoins with income generation mechanisms. Stablecoins mainly serve as interest equity tokens, revolving lending intermediaries, and a unified management interface for debt (income rights). according to http://RWA.xyz According to data, the total market value of stablecoins is currently about 227 billion US dollars, of which USDT and USDC account for about 89.21%. But the proportion of YBS track is rapidly increasing, with leading USDe growing from around $200 million to around $4.9 billion. The stablecoin USR issued by Resolv currently has a scale of 395 million, ranking second in the YBS field. two ⃣ Resolv： Introducing risk grading into YBS's asset and debt ends Resolv is not satisfied with simply becoming 'another Ethena'. The team believes that the current market understanding of YBS is too one-sided, with most projects either overly relying on a single source of revenue (such as Ethena's fund rate arbitrage) or lacking sufficient risk isolation mechanisms. The core innovation of Resolv lies in: --Modular revenue sources: do not rely on a single strategy, but integrate multiple revenue channels, including but not limited to exchange funding rates, LST (liquid token), LRT (heavy token), etc; --Risk stratification mechanism: Through hierarchical design, risk and return are separated, with USR serving as a priority token to provide stable returns, and RLP serving as a secondary token to bear risks and obtain higher returns --Scalability design: The protocol can seamlessly integrate new revenue sources according to market demand, adapting to the rapid changes in the cryptocurrency market If compared to traditional finance, Resolv is equivalent to integrating money market funds, tiered funds, and risk management tools on the blockchain. three ⃣ RLP: The Art of Balancing Returns and Risks in Reslov Any financial product that provides revenue faces an eternal challenge: where does the revenue come from? In the traditional financial world, US treasury bond bonds serve as the standard "risk-free" yield benchmark. In the crypto world, there are no truly "risk-free" assets, and even pledging ETH faces consensus risks, technical risks, and regulatory risks. Resolv's model is very interesting, as it does not attempt to eliminate risk (which is impossible), but rather transforms risk into tradable assets through precise risk separation and pricing. The hierarchical design of traditional finance (Tranching) has a long history in risk management. Mortgage Backed Securities (MBS) is a classic example, although the 2008 crisis brought it a negative reputation, the principle itself is effective. Resolv borrowed this idea and allocated risk and return to different levels: USR (Priority Layer): Achieve stable but relatively low returns with minimal risk RLP (Secondary Layer): Achieve higher returns but bear the risk of losses on the front line This design enables USR to maintain its core function as a stablecoin - price stability, while still providing higher returns than traditional stablecoins. It is worth noting that RLP is not simply an "insurance deposit", but a tradable and integrable financial asset that can even be further used in the DeFi ecosystem. This provides new opportunities for investors with high risk appetite. According to Resolv's dashboard data, the current TVL of USR stablecoin is about $395 million, while RLP's TVL is about $66.7 million, with a ratio of approximately 6:1. This ratio actually reflects the risk buffer zone of the protocol design: theoretically, as long as the RLP layer is not completely lost, USR holders can maintain stable returns and principal safety. This design is not entirely innovative in the encrypted world - MakerDAO's over collateralization model and some of Frax's algorithm models share similar ideas. But Resolv has taken it to a new level, making risks more visible and tradable. four ⃣ The Way to Survive a Bear Market: Delta Neutrality Strategy In a bear market, high returns often come with high risks. But Delta's neutral strategy provides a relatively safe path. Simply put, Delta neutrality is achieved through long short hedging to reduce the impact of price fluctuations on strategy returns. In the implementation of Resolv, this is mainly achieved by opening offsetting long and short positions on CEX/DEX to profit from differences in funding rates and liquidity. But such strategies also face challenges: as the scale expands, the returns will decrease; Counterparty risks (especially CEX) cannot be ignored; During periods of extreme volatility, hedging effects may not be ideal. To manage this risk, Resolv has partnered with Superstate to expand its revenue streams and introduce BTC as the underlying asset. These measures all point in one direction: diversification is the key to addressing the limitations of a single strategy. five ⃣ Resolv has joined the battle for stablecoin distribution The distribution channel will be the core field of stablecoin competition. The recent financial report released by Circle shows that it has paid huge rewards to Binance and OKX in order to maintain the network effect and liquidity of USDC. Currently, Resolv has deployed over $150 million worth of TVL on Base and plans to expand to other ecosystems. For example, integrating with @ TacBuild to provide TAC rewards, Resolv points, and Upshift points, expanding to the Telegram native DeFi ecosystem. Chain expansion strategy is crucial for stablecoins, as their network effects often lead to a winner takes all situation. Resolv's distribution strategy also includes collaborations with wallets, CEX, and asset management solutions for institutional investors. conclusion The cryptocurrency market is undergoing a quiet revolution. From simple transaction media to complex financial products, stablecoins are redefining their boundaries. Resolv represents a new approach in this revolution: not simply imitating traditional finance, but utilizing the characteristics of blockchain to create new financial primitives. Its success or failure will become an important indicator for judging whether the YBS track is a flash in the pan or a true prospect. Remember, in the world of encryption, innovation and risk always go hand in hand. Please carefully study and understand all risks before investing. After all, we are not under the wutong tree on Wall Street, but in the wilder west.