I. Stablecoin outlook

As of May 2025, the total global market capitalization of stablecoins surpassed $246 billion (about 7% of the total cryptocurrency market capitalization), a 78% increase from 2023. Optimistic predictions suggest that the market capitalization of stablecoins will reach $3 trillion by 2030, with an annual trading volume of $100 trillion.

Stable dual oligopoly pattern: USDT (62% share, $150.6 billion) and USDC (25%, $60.8 billion) together account for 87%, but emerging stablecoins are rapidly eating into the market.

Emerging forces of stablecoins rise

  • Decentralized stablecoin explosion: The market capitalization of USDe from Ethena Labs surged from $146 million to $7 billion (by May 2025), becoming the third-largest stablecoin through high-yield strategies.

  • Institution-backed stablecoins emerge: USD1, linked to the Trump family, has a market capitalization of $2.1 billion, rapidly expanding through political resources and cross-border settlement cooperation.

One of the core growth drivers: DeFi and yield demand

  • DeFi ecosystem reliance: Stablecoins account for 70% of on-chain trading volume, protocols like Aave offer 14% collateral annual yield, locking value (TVL) increased from $54.4 billion to $94.1 billion (by 2024).

  • High-yield innovation: USDe's 'Internet bond' model combines staking yield with derivative hedging, attracting institutional capital inflow.

$RESOLV The stablecoin track that resolv is in has more than 10 times the growth potential and is a market worth paying attention to.

II. Introduction to the resolv project

Resolv is a protocol that maintains USR, a stablecoin natively supported by Ether (ETH) and Bitcoin (BTC) and pegged to the US dollar.

  1. Delta neutral stablecoin model (USR)

    1. Yield generation logic: Users collateralize ETH/BTC to mint USR, and the protocol automatically opens short hedging positions in perpetual contract markets, achieving stable yields for USR (7%-10% annual) by capturing staking yields (3%-5%) and funding rate premiums (up to 20%-24% annual in bull markets).

    2. Risk layering design:

      • Priority shares (USR): Low-risk stablecoin, pegged 1:1 to the US dollar, with losses absorbed by the RLP pool in extreme markets;

      • Subordinate shares (RLP): Bear market volatility risk is borne in exchange for higher yields (20%-30% annual), with redemption paused when the collateral rate falls below 110% to protect USR.

    3. Transparency advantage: 80% of collateral remains on-chain (e.g., Aave, Compound), with only 20% used for CEX hedging, allowing for an auditable on-chain trail.

  2. Token economics and governance (RESOLV)

    1. Tri-token system:

      Tri-token system

    2. Token function positioning value capture logic: The yield of USR stablecoin comes from staking + funding rate RLP risk buffer pool protocol fees + hedging interest spread profit sharing RESOLV governance token voting rights + 50% protocol income dividends.

    3. Staking incentive mechanism: The longer the holding period, the higher the reward multiplier (up to 2x), promoting long-term locking.

III. resolve profitability

  1. Yield performance and TVL growth

    1. Current yield level: USR annual yield stabilizes at 7%-10%, RLP can reach 20%-30% in bull markets, significantly higher than USDC (0.05%) and DAI (3%-5%).

    2. Scale expansion: TVL surged from $77 million in December 2024 to $395 million in June 2025, growing over 400%, with daily minting/redemption volume reaching $17 million.

  2. Diversified income sources

    1. Protocol fees: USR minting/redemption fees (0.1%-0.5%), liquidation penalties (5%-10%).

    2. DeFi integration commission: Collaborating with Pendle to package wstUSR (yield tokenization), taking a 15% cut from the yield pool.

    3. Institutional services: Providing 'crypto vault' solutions for asset management clients through Fireblocks custody, charging a 0.3% management fee.

IV. resolve competitive product comparison analysis

Resolv vs mainstream competitors key indicator comparison

Competitive analysis

Core barrier:

  • Yield portfolio flexibility: USR can connect to protocols such as Pendle (yield tokenization), Hyperliquid (automated hedging), etc.

  • Multi-chain coverage capability: Deployed on Ethereum L2, Base, BNB Chain, reducing Gas dependency and expanding the user base.

V. revolve token analysis

RESOLV is suitable for long-term allocation

  • Governance and dividends: Holding RESOLV allows participation in protocol parameter voting (e.g., collateral rate, fees) and sharing 50% of the protocol income (minting/redemption fees, liquidation penalties).

  • Staking compounding: Long-term staking of RESOLV can yield up to 2x multiplier rewards, adding 35% APY, significantly hedging short-term volatility.

  • Ecological growth bonus: If TVL exceeds $1 billion (currently $395 million), protocol income growth will directly boost token value.

resolv and $ENA token analysis

  • Yield stability:

    • ENA relies on centralized exchanges (CEX) for hedging, with yields dominated by funding rates, prone to turning negative in bear markets;

    • RESOLV absorbs volatility through RLP risk layering, theoretically yielding higher returns but unproven.

  • Market first-mover advantage:
    ENA occupies 70% of the yield stablecoin market share with its early positioning, while RESOLV's TVL is only 5.6% of ENA.

  • Token utility:

    • ENA binds exchange interests, enhancing liquidity;

    • RESOLV focuses on on-chain governance + 50% protocol dividends, with long-term value relying on ecological expansion.

RESOLV has advantages in mechanism innovation (risk layering) and yield potential, but needs to break through the TVL bottleneck and validate its bear market resilience.

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