1. Team background: The financial engineering ambitions of Russian geeks.
Resolv Labs was founded by three top geeks from Russian science and engineering universities (Moscow Power Engineering Institute, Moscow State University, Moscow Institute of Physics and Technology) — Fedor Chmilevfa, Tim Shekikhachev, and Ivan Kozlov. Their core advantages are:
Traditional financial experience: Tim Shekikhachev worked at Citibank and is well-versed in Wall Street's Delta neutral arbitrage strategies.
On-chain ambition: The team's goal is to fully transplant traditional financial quantitative hedging strategies (like Delta neutral) onto the blockchain, achieving transparent and censorship-resistant yield generation.
Capital recognition: In April 2025, Resolv completed a $10 million seed round financing, led by Cyber.Fund and Maven11, with follow-on investments from Coinbase Ventures, Arrington Capital, and others.
2. Technical architecture: On-chain implementation of Delta neutral.
Resolv's core product is the stablecoin USR, which adopts a triple yield-hedging mechanism:
Staking yield layer: Users stake ETH to mint USR, with underlying assets staked through protocols like Lido, yielding 3%-5% base returns.
Perpetual contract hedging layer: The protocol automatically opens ETH perpetual short positions on platforms like Binance and Hyperliquid, offsetting collateral volatility to maintain USR's $1 peg.
Risk isolation layer: Introducing RLP tokens as an 'insurance pool' to absorb liquidation losses during extreme market conditions, ensuring the principal safety of USR holders.
Key innovations:
80% on-chain custody (Aave, Compound), only 20% used for CEX hedging, improving transparency and censorship resistance.
Yield layering: USR offers an annualized return of 7%-10%, while RLP provides high-risk returns of 20%-30%.
3. Market performance: TVL 390 million, rapid user growth.
TVL surpasses $395 million (Ethereum, Base, BNB Chain).
50,000 independent users, with 56% monthly activity, far exceeding the industry average (30%).
Ecosystem integration: Connecting with DeFi protocols like Curve and Pendle, and collaborating with Hyperliquid for automatic hedging.
4. Token economics: Separation of governance and profit.
Resolv adopts a trinary token model:
USR (stablecoin): Pegged 1:1 to the US dollar, used for trading and saving.
RLP (risk-reward token): Captures protocol fees and hedging spreads.
RESOLV (governance token): Used for voting to adjust parameters, with no direct profit rights.
Token distribution:
Total supply of 1 billion tokens, with 10% for airdrop, team and investor tokens locked for 1 year + linear release over 24-30 months.
50% of protocol revenue is used to buy back and burn RESOLV, with the remaining distributed to RLP stakers.
5. Listing expectations: Potential impact of Binance Alpha.
Binance chose to launch RESOLV on the Alpha platform, which may bring:
✅ Short-term benefits:
Airdrop expectations (120,000 testnet users may receive a 0.3%-0.5% allocation).
Binance's 50x leverage may amplify speculative demand.
⚠️ Long-term risks:
Severe fluctuations in ETH prices may lead to Delta hedging failure (refer to the Ethena 2024 de-pegging event).
RLP returns depend on CEX funding rates, bear markets may reduce yields.
6. Future outlook: New variables in the stablecoin war.
Resolv's ultimate goal is to become the 'universal bank' of Web3, integrating RWA (real-world assets) and altcoin vaults. However, challenges remain:
Regulatory risk: Derivatives protocols may face stricter scrutiny.
Market competition: Ethena and MakerDAO have established first-mover advantages.
Conclusion: Whether Resolv can succeed depends on the stability of its model during bear markets and whether community governance can build a truly decentralized moat.
