《Popular Interpretation of Resolv: The On-Chain Version of ENA? Why It’s Worth Attention》

Resolv has unexpectedly appeared on OKX and Binance Alpha as well as Binance Futures. As the stablecoin sector heats up, especially with the rise of 'yield-bearing stablecoins', what exactly is Resolv doing? Let’s break it down.

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I. Basic Overview: Backed by Top VCs + ETH Collateralized Stablecoin

Resolv was established in 2023, aiming to create a 100% ETH over-collateralized stablecoin USR, pegged to the US dollar, and to achieve a delta-neutral strategy through perpetual positions. In April 2024, it secured $10 million in funding led by Maven11, marking its first public project this year.

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II. Mechanism Highlights: Stable Pegging, Risk Isolation, Self-Driven Returns

The structure of Resolv can be summarized as “three layers of assets + three mechanisms”:

1. USR: Core Stablecoin

- Over-collateralized by ETH, pegged to the US dollar

- Can be staked as stUSR to earn protocol returns

- The liquidity anchoring mechanism is supported by lower layers

2. RLP: Risk-Bearing LP

- Provides ETH minting, earning perp positive funding fees + staking rewards

- System losses are initially borne by RLP

3. Collateral Pool: Constructing Delta Neutrality

- ETH spot + perpetual contracts create a hedging structure

- Combining on-chain and custodial assets ensures transparency and safety

Furthermore, in terms of returns, daily distributions allow USR users to earn steadily, RLP users to earn risk premiums, and a portion of the protocol treasury is allocated for the ecosystem.

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III. Comparison with ENA: Three Major Upgrade Highlights

Although the core idea comes from ENA, Resolv is clearly more “on-chain native” and has progressed further in the following three aspects:

1. More Genuine Sources of Returns

- Primarily relies on on-chain perp markets and ETH staking, providing more stable and transparent sources of returns.

2. Clearer Risk Layering

- All losses are absorbed by RLP, ensuring that USR users' principal is always safe, with stable pegging and clear risk isolation.

3. Richer Token Mechanism

- USR (stablecoin) + RLP (risk LP) + RESOLV (governance), clearly distinguished structurally, providing clearer participation paths.

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IV. Conclusion: It’s More Radical and Pure Than You Imagine

Resolv and Ethena started almost simultaneously, yet it still lags behind the latter. However, Resolv has chosen a more on-chain, structured, and censorship-resistant path. Although it starts slowly and has higher barriers to entry, it represents a purer DeFi spirit.

In today’s evolving yield stablecoin model, Resolv may not be the first project to break out, but it is more on-chain, purer, and more surprising; once it takes off, it may have a higher ceiling.