I. Project Overview

Resolv is a new generation DeFi stablecoin protocol, with its core product being USR (crypto-native, Delta neutral stablecoin), which achieves USD pegging through ETH/BTC spot and perpetual contract hedging. The project adopts a triadic structure of 'USR stablecoin + RLP risk layer + RESOLV governance token', aiming to become a representative of 'second generation' stablecoins in the DeFi field through high capital efficiency, native income, and decentralized risk management mechanisms.

The core of Resolv is its Delta neutral strategy, which is a complex financial engineering approach designed to maintain a 1:1 peg of the USR stablecoin to the USD without relying on traditional fiat collateral.

The following RESOLV is the key data of the project

II. Detailed Explanation of Tokens and Economic Model

Three-token model

1. USR Stablecoin

  • Using ETH and BTC as the main collateral, users can mint or redeem USR (ERC-20 standard) at a 1:1 ratio.

  • Adopting a Delta neutral strategy: the protocol holds a spot long position while shorting equivalent perpetual contracts on CEX/DEX, achieving slight immunity of overall assets to USD price fluctuations.

  • USR supports stUSR (interest-bearing version), allowing for native protocol earnings (e.g., ETH staking, funding rates)

2. RLP (Resolv Liquidity Pool)

  • As a risk buffer and yield enhancement layer for the protocol, it absorbs negative funding rates, liquidation differences, counterparty defaults, and other systemic risks.

  • RLP holders bear risks, receiving floating returns higher than USR (dynamic APY, market-driven)

  • RLP price fluctuates with the overall collateral ratio and profitability of the protocol.

3. RESOLV Governance Token

  • Governance and utility are core, allowing holders to participate in decisions regarding protocol parameters, upgrades, and treasury allocations.

  • Adopting a time-weighted staking reward mechanism with a maximum 2x multiplier to incentivize long-term holding.

  • Total supply of 1 billion tokens, with the allocation structure detailed in the table below.

III. Team and Financing

1. Founding Team

CEO Ivan Kozlov, co-founder Tim Shekikhachev, CTO Fedor Chmilev, all have a strong background in financial engineering and derivatives design, having previously worked at VTB Capital, KPMG, Moscow Credit Bank, etc.

2. Investors and Partners

Seed round financing of $10 million, with investors including Cyber.Fund, Maven11, Coinbase Ventures, Arrington Capital, Animoca Brands, Delphi Labs, etc.

Strategic partners: Fireblocks (custody), Hypernative (security monitoring), Binance (liquidity and market), etc.


IV. Competitor Comparison


In the Delta neutral stablecoin track, Ethena (USDe) is Resolv's most direct competitor. The mechanisms of both are similar, but there are key differences in risk management philosophy and degree of decentralization.

The innovation of Resolv lies in its dual-token model (USR & RLP), which separates users seeking stability from risk-takers seeking high returns, enabling refined risk management.

V. Future Outlook

1. Growth Drivers

USR is being adopted by more DeFi protocols, with multi-chain expansion, asset recovery mechanisms implemented, institutional capital inflow, and enhanced utility of RESOLV tokens.

2. Major Challenges

Sustainability of returns, fierce competition (especially from Ethena, etc.), extreme market risk, regulatory pressure, RLP capital expansion and market confidence

Summary

Resolv, with its innovative Delta neutral model, risk layering, native income, and security mechanisms, has become a strong newcomer in the DeFi stablecoin space. The team possesses strong capital and rapid ecosystem expansion. However, the protocol's complexity is high, and it heavily relies on external markets and counterparties, requiring ongoing validation of long-term performance.

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