Resolv Protocol is a DeFi protocol that offers an innovative stablecoin (USR) and a risk-return absorption layer (RLP), maintaining a USD peg through a delta-neutral strategy that combines ETH as the primary collateral asset with perpetual futures. Typical stablecoins rely on fiat currencies or real-world assets (RWA), facing issues such as regulation, counterparty risk, and lack of transparency. Resolv, on the other hand, achieves dollar stability through an on-chain centric design based on ETH and futures derivatives, and further offers a new value proposition by utilizing staking rewards and futures funding rates as revenue sources.

In this mechanism, USR always aims for a value equivalent to 1 USD, while RLP acts as a buffer to absorb market and counterparty risks. Also, by staking USR (converting it to stUSR), participants can move from holding stable assets to earning yield. This presents a new stablecoin architecture that combines "stability" with "yield generation," "risk isolation," and "on-chain transparency."

Features

1.Rejection of Price Fluctuations through Delta-Neutral Strategy
By holding ETH spot and hedging its price fluctuations by shorting perpetual futures, price fluctuation risk is effectively offset. This allows for stable USD value independent of ETH price fluctuations, eliminating the need for fiat-based credit risk or centralized control.

2.Two-Tier Structure of USR and RLP

• USR (Stablecoin): A stable asset aiming for 1 USD. 1:1 Mint/Redemption with other assets (USDC, USDT, ETH) is possible, specializing in stability. Staking (stUSR) also allows for returns from the collateral pool.
  
• RLP (Insurance/Revenue Layer): RLP holders bear the risk in case of losses, but in return, they enjoy risk premium income. USR holders are isolated from risk, while RLP holders can aim for high returns.
  

3.Staking Rewards and Funding Rate Revenue
The Collateral Pool generates ETH staking rewards and futures funding rate profits. stUSR holders receive these earnings daily, evolving from mere "value preservation" to "yield generation on stable value."

4.On-Chain Transparency and Decentralization
Most of the collateral is managed on-chain, combining custody services such as Fireblocks and Ceffu with multiple exchanges to achieve liquidity and risk diversification. Since on-chain asset tracking is possible, transparency is extremely high, and users can directly verify the health of the protocol.

Comparison with Competitors (Including Ethena and USDe)

Summary:

• Resolv utilizes RLP to clearly separate risk and return, and achieves high capital efficiency and stability with 1:1 mint.
• Ethena (USDe) also aims for a crypto-native USD-valued asset, but its insurance layer is not as explicitly defined as Resolv's.
• Traditional ETH-collateralized stablecoins (e.g., DAI) rely on over-collateralization and liquidation mechanisms, requiring additional strategies for yield generation and having lower efficiency.

Advantages and Disadvantages

Advantages:

• Stability: Neutralizes ETH price risk with a delta-neutral strategy, maintaining USD value.
• Profitability: Offers multi-layered earning opportunities through stUSR and RLP.
• Capital Efficiency/Transparency: No over-collateralization required, collateral verifiable on-chain.
• Risk Isolation: Ensures the stability of USR holders by having RLP absorb the risk.

Disadvantages:

• Complexity: Advanced knowledge is required to understand delta-neutral and RLP.
• CEX Dependency Risk: Reliance on centralized exchanges remains.
• Need for Liquidity Maturity: Being an emerging protocol, it may take time for the market to mature.

Risks

1. Counterparty Risk: The risk of exchange collapse or custody failure is not zero, but it is mitigated by diversification and regular PnL settlement.
2. Funding Rate Risk: RLP may suffer losses in the event of long-term negative funding. Historically, the positive trend has been dominant, but there is no absolute guarantee.
3. Regulatory/Liquidity Risk: Risk of liquidity depletion due to changes in the regulatory environment or mass redemptions.
4. Collateral Asset Risk: Impact of technical problems occurring in ETH or staking assets. However, diversification and monitoring strive to mitigate damage.

Project details are available here

How to Earn Points

USR Token: 15 points/token per day
RLP Token: 10 points/token per day

Curve USR Pool: 30 points per dollar per day
Curve RLP Pool: 20 points per dollar per day
Uniswap USR-USDC Pool: 30 points per dollar per day

Referral Program: Earn 10% of the points earned by referred users

Boost

Boosts increase the base reward for eligible activities. Boosts are calculated as a percentage of the base reward and added to it.

Total reward points are calculated as follows:

Total Reward Points = Base Reward × (1 + Boost1 + Boost2 + ... + BoostN)

• Epoch Boost: All users automatically receive a 50% boost. The boost percentage decreases as the epoch progresses, so earlier users earn more boosts.
• Hyper Liquid User: Hyper Liquid users receive a 10% boost. Use the same wallet registered with Hyper Liquid for Resolve.
• Dinero User: Dinero users receive a 10% boost. Stake or deposit on Dinero as well.
• Purchase of Blueprint by Resolv: Purchase Blueprint by Resolv on OpenSea.
• Resolv Power Boost: Users holding different Resolv tokens and participating in multiple pools receive a boost. The percentage of the boost depends on the user's tier. The tiers are as follows:
  • Gold (Participation in 7 or more activities): +50%
  • Silver (Participation in 5 or more activities): +25%
  • Bronze (Participation in 3 or more activities): +10%
• Referral Bonus: Invited users receive a 10% point boost
  

Information about boosts is available [here][https://x.com/ResolvLabs/status/1866929995446395331] Detailed airdrop information is available here

Summary of Steps

1. Connect your wallet on the website (Have some ETH for transaction fees).
2. Acquire USR or RLP tokens and hold, stake, or provide liquidity.
3. Check out other activities.
4. Refer friends to earn rewards.

Detailed Steps with Images

1. Connect your wallet on the website (Have some ETH for transaction fees).

2. Acquire USR or RLP tokens and hold, stake, or provide liquidity.

1. Check out other activities.

1. Refer friends to earn rewards.