1/ @Resolvlabs, a dual-tranche, delta-neutral stablecoin engine, just activated a 10% protocol fee-share, potentially positioning itself as Beta for Ethena's rapid growth. We break down mechanics, yields, growth, unlocks & valuation:

2/ Like Ethena, deposits (ETH, BTC, LSDs) are hedged delta-neutral via equal-notional short perpetuals. However, Resolv splits risk with its dual-token dynamic: - USR: Senior tranche, stable $1 peg, earns 70% of base yield. - RLP: Junior tranche, captures extra 30% yield but absorbs any first-loss. Essentially, USR is protocol debt, and RLP is equity.

3/ This dual-tranche model leads to clearly differentiated returns: - RLP holders averaged roughly 14% APY, experiencing volatility from -13% to +48% (daily volatility: 8.5pp). - USR holders enjoyed a steadier yield of around 8% APY, with lower volatility (3.1pp). In comparison, Ethena’s sUSDe sits in the middle (9.5% APY, 4.2pp vol).

4/ Resolv’s TVL showed resilience despite market fluctuations. It peaked at $680M during March 2025 (Season-1 incentives), declined to $338M by July post-incentive period, but rapidly rebounded to $513M following Season-2 incentives, running until September 30th. Notably, the junior tranche (RLP) significantly grew its share of TVL from 19% to 47%.

5/ The recently activated 10% fee-share mechanism directs around $9.7M annualized gross yield into the Resolv treasury. Resolv trades at a circulating market cap of $49M and an FDV of $183M, with forward revenue multiples (5x circulating market cap, 19x FDV) similar to Ethena.

6/ On token unlock dynamics, Resolv presents an advantage: no team or investor token unlocks occur until June 2026, significantly reducing short-term selling pressure. This contrasts sharply with Ethena’s upcoming unlocks of roughly 2.7B tokens over the next 10 months.

7/ For a deeper dive, including detailed architecture, catalysts, and valuation modeling, read the full report on @blockworksres.