温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/zh/54713.html
点击访问原文链接

With the “fee switch” activated, will RESOLV become the next ENA?Recommended Articles | Bee Network

进入原网站 导航首页
With the “fee switch” activated, will RESOLV become the next ENA?Recommended Articles | Bee Network Login 熱門新聞 Meme Launchpad AI 代理商 DeSci 熱門鏈瀏覽器 新人必讀 衝百倍幣 蜜蜂遊戲 必備網站 必備APP 必關大神 DePIN 新人必備 教我避坑 基本工具 深度網站 交易所 NFT 工具 你好， 登出 Web3宇宙 遊戲 DApp 蜂巢 增長平台 生態 搜尋 英語 Coins儲值 登入 下載 Web3大學 遊戲 DApp 蜂巢 生態 家•分析•With the “fee switch” activated, will RESOLV become the next ENA?Recommended Articles With the “fee switch” activated, will RESOLV become the next ENA?Recommended Articles分析7 年前更新懷亞特 25,889 45 Author｜Azuma ( @azuma_eth )

On July 25, Beijing time, the interest-bearing stablecoin protocol Resolv officially announced that it will gradually turn on the “fee switch” and plans to transfer up to 10% of the daily protocol income to the foundation treasury for the long-term value creation of the protocol and to incentivize RESOLV staking users. Specifically, Resolv plans to gradually increase the income transfer ratio (2.5% → 5% → 7.5% → 10%) every week during the four-week period from July 31 to August 21, and finally reach the target value of 10%.

The so-called “fee switch” is a common term for fee allocation in DeFi protocols. Its popular understanding is “a built-in contract function that determines whether the protocol allocates revenue to native tokens”, but different protocols have different specific execution modes. Previously, well-known projects such as Uniswap and Ethena have also discussed the “fee switch” issue, but failed to activate it due to community allocation disputes and concerns about the maturity of conditions.

Generally speaking, the “fee switch” generally means a direct benefit to the protocol’s native token, because this will directly amplify the token’s value capture ability; but on the other hand, since the “fee switch” often transfers part of the income that originally belonged to the protocol users to the token holders, it will damage the interests of users to a certain extent, so the major protocols are always hesitant about whether to turn on the “fee switch” – for example, in the Uniswap scenario, the original liquidity provider (LP) can obtain all 0.3% of the transaction fee income, but after the “fee switch” is turned on, it has to transfer part of the income to UNI holders, and the interests of LP will be relatively damaged.

Resolv’s Positioning and Considerations Back to Resolv, similar to Ethena’s USDe, the USR issued by Resolv is also an interest-bearing stablecoin collateralized by equal amounts of spot longs and contract shorts. Its income mainly comes from “the staking income of spot longs” and “the funding rate income of contract shorts.”

However, compared to Ethena, Resolv has also made some additional mechanism designs, such as introducing a risk grading mechanism through the insurance pool RLP, which enables USR to achieve a higher excess collateral rate; another example is the access to a larger proportion of liquidity derivative tokens, which achieves higher spot staking returns. Under Resolv’s mechanism design, the protocol has achieved an annualized rate of return of about 9.5% since its inception, which is quite outstanding among a number of emerging stablecoins.

At the end of May, Resolv officially launched the governance token RESOLV. Although Resolv has tried to empower RESOLV by “providing high staking returns” and “accelerating the accumulation rate of points for the second season airdrop”, the performance of RESOLV after its launch is still not ideal. Perhaps it is precisely to boost the price of the coin that Resolv has set its sights on the “fee switch”.

In the official announcement about turning on the “fee switch”, Resolv mentioned that “the timing and architecture are now ripe” – the protocol has achieved real, non-theoretical traction; the protocol has a clear value distribution framework; the protocol has demonstrated resilience – therefore it was decided not to postpone the launch of the “fee switch”.

As mentioned above, Resolv plans to gradually increase the income transfer ratio over four weeks, and will eventually increase it to 10%. As for the specific use of this part of the income, Resolv stated that it will be used to “expand the value that Resolv provides to users and stakers” , including: 1) Supporting new integrations between DeFi, Fintech, and institutional venues; 2) Funding ecosystem grants and product development; 3) Promoting buybacks and other token-related initiatives. Resolv also mentioned that a dedicated dashboard will be launched in the future to track the use of income.

Resolv also made a rough assumption about the distribution of protocol revenue after the “fee switch” is turned on. Based on the current protocol’s TVL of $500 million and an average rate of return of 10%, it is expected to achieve $50 million in revenue per year. After the “fee switch” is turned on, $45 million will still flow directly to users through product revenue, and the protocol will retain $5 million for long-term value creation.

Compared to ENA, is RESOLV more cost-effective? In last week’s article “ Up nearly 50% in a week, will ENA be the biggest Beta of ETH? ”, we analyzed the logic behind ENA’s recent strong rise; afterwards, Ethena launched a treasury reserve mechanism similar to “micro-strategy” around ENA, further boosting the price of ENA.

With the early launch of ENA, more and more people have begun to turn their attention to Resolv, an interest-bearing stablecoin project with a similar mechanism. So, is RESOLV really more cost-effective than ENA?

From the static figures, the current TVL of Ethena is US$7.781 billion, the ENA circulating market value (MC) is US$4.016 billion (MC/TVL ratio is 0.51), and the full circulation valuation (FDV) is US$9.48 billion (FDV/TVL ratio is 1.22); the current TVL of Resolv is US$527 million, the RESOLV circulating market value (MC) is US$57.28 million (MC/TVL ratio is 0.108), and the full circulation valuation (FDV) is US$205 million (FDV/TVL ratio is 0.39).

Judging from the comparison of MC/TVL and FDV/TVL alone, RESOLV is indeed better than ENA in terms of static cost performance. Although ENA is currently supported by the treasury reserve strategy, considering that RESOLV will be the first to open the “fee switch”, the currency prices of both parties are expected to be supported in the short term.

However, objectively speaking, the current application scope and network effect of USR are far less than that of USDe. In addition, in addition to USDe, Ethena also has a second business line USDtb. From the perspective of protocol potential, Resolv still has a large gap compared to Ethena.

Another point worth noting is that Resolv’s statement on the “fee switch” revenue mentioned above is that “will be used to expand the value that Resolv provides to users and stakers”, but it did not mention how much of the 10% revenue will flow to RESOLV stakers, so it is difficult to speculate on the scale of additional value capture by RESOLV after the “fee switch” is turned on.

In general, considering that RESOLV’s market value is at a relatively low level, the current RESOLV is a great alternative option after ENA surges, but the long-term development prospects of the Resolv protocol itself are still to be evaluated, and the detailed income distribution plan after the “fee switch” is turned on is yet to be disclosed. Whether it is worth building a position, you still need to DYOR.

本文源自網路： With the “fee switch” activated, will RESOLV become the next ENA?Recommended Articles

Related: The UAE’s Cryptocurrency Strategy: Empire or Mirage? Original author: Thejaswini MA Original translation: Block unicorn Preface Over the past five years, the United Arab Emirates (UAE) has built a remarkable digital empire: processing $30 billion in cryptocurrency transactions annually, hosting more than 700 blockchain companies, and attracting the worlds largest cryptocurrency exchange to make Dubai its headquarters. Empires are built on resources, and the UAE’s digital empire relies on a resource far more valuable than oil: the tax obligations of others. Binance founder Changpeng Zhao, who is worth $33 billion, lives in Dubai. So too have executives at dozens of other major cryptocurrency companies, who have discovered that running their multibillion-dollar digital asset businesses in the UAE offers a significant advantage: They can keep more of their wealth. The UAE’s digital transformation story is a model of…

#分析#空投# 脫機#市場#代幣© 版權聲明文章版权归作者所有，未经允许请勿转载。 上一篇 BNB breaks through $860 to set a new record high. Who is the biggest winner?Recommended Articles 下一篇 A complete review of the 15 projects shortlisted for Binance MVB Season 10Recommended Articles 相關文章 The global stablecoin regulatory race is accelerating 6086cf14eb90bc67ca4fc62b 632,074 406 Gate Research: BTCFi diffusion drives Starknet’s upward surge; high-performance L1 and on-chain finance narrative gain momentum. 6086cf14eb90bc67ca4fc62b 19,980 SignalPlus Macro Analysis Special Edition: Up Only 6086cf14eb90bc67ca4fc62b 25,571 3 Must-watch next week｜CPI data may overturn expectations of interest rate cuts; Usual plans to activate the income switch 6086cf14eb90bc67ca4fc62b 39,353 Continue to brush Binance Alpha, which tokens are more cost-effective? 6086cf14eb90bc67ca4fc62b 29,089 2 Tiger Research：為何金融機構偏好選擇性隱私？ 6086cf14eb90bc67ca4fc62b 11,585 3 暫無評論 您必須先登入才能發表評論！ 立即登入 暫無評論... 最新的文章 Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing 9小時前 410 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock 9小時前 546 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound 9小時前 514 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ 9小時前 461 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations 9小時前 506 熱門網站TempoLighterGAIB滑翔機普朗克雷爾斯BCPokerVooi Bee.com 全球最大的 Web3 入口網站 合作夥伴 CoinCarp Binance CoinMarketCap CoinGecko 幣活 盔甲 下載Bee Network APP開啟您的Web3之旅 白皮書 角色 常問問題 © 2021-2026.版權所有。. 隱私政策 | 服務條款 下載蜜蜂網路APP 並開始 web3 之旅 全球最大的Web3入口網站 合作夥伴 CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 白皮書 角色 常問問題 © 2021-2026.版權所有。. 隱私政策 | 服務條款 搜尋 搜尋站內鏈上社群媒體新聞 熱門推薦： 擼毛打金 數據分析 必關大神 教我避坑 繁體中文 English 简体中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia हिन्दी اردو Русский 繁體中文

智能索引记录