Resolv is a protocol maintaining USR, a stablecoin natively backed by Ether (ETH) and pegged to US Dollar. The protocol's main features include:
- Issuance and redemption of USR against other tokens;
- Maintaining sufficient backing by ETH at all times. This is achieved by hedging ETH price with short perpetual futures positions;
- Maintaining RLP (Resolv Liquidity Pool), a liquid insurance pool designed to keep USR overcollateralized.
- Both USR and RLP can be minted and redeemed by users in exchange for collateral deposited on 1:1 basis.
Why USR?
- Market-neutrality. ETH spot price changes and corresponding perpetual futures cancel each other, resulting in a stable net value.
- Independence from fiat currencies. There is no $1 in the world directly attached to Resolv tokens. The only link is a claim to the exchange (in case it is a CEX), efficiently managed in terms of counterparty risk.
- Capital efficiency. Minting $1 worth of USR or RLP requires $1 worth of assets (net of minting costs). No need to overcollateralize stablecoin position.
- Peg. USR can be redeemed at all times for $1 worth of ETH, so any deviation from the peg can be promptly pulled to zero by arbitrage activities.
- Insurance Layer. USR is protected by RLP, a scalable insurance layer.
- Profitable business model. The treasury allocates inventory into staking and earns additional funding fees on futures positions.
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