Introduction

Rari Capital is a suite of decentralized finance protocols on a mission to bridge the gap between technical and non-technical minds, in order to bring the next wave of mass users into this industry.

Product EARN

The Yield Aggregator system optimizes for the highest returns across a series of protocols within the Ethereum DeFi ecosystem. Our USDC and DAI pools are broadcast into stable-asset strategies, while the ETH pool maintains exposure to price volatility of Ethereum. These pools earn yield for users by lending and farming across various DeFi protocols such as Compound Finance, dYdX, KeeperDAO, mStable, yEarn, Aave, and Fuse Pools. We are actively expanding our strategy set to focus on more sustainable yields on and off of the blockchain. The pools are now playing an active role within Fuse by providing liquidity to borrowers, as well as letting pool depositors reap the benefits of high-yield opportunities.

Rari Capital DAI Pool

The Rari Capital DAI Pool allows users to deposit DAI or any ERC20 token and receive $RDPT in return. The $RDPT token tracks your interest-accruing position. All ERC20s will be swapped to DAI (meaning there is slippage for all deposits except DAI). As a holder of $RDPT, the Yield Aggregator protocol is working autonomously to deliver the highest yield on your principle.

Rari Capital USDC Pool

The Rari Capital USDC Pool allows users to deposit USDC or any ERC20 token and receive $RSPT in return. The $RSPT token tracks your interest-accruing position. All ERC20s will be swapped to USDC (meaning there is slippage for all deposits except USDC). As a holder of $RSPT, the Yield Aggregator protocol is working autonomously to deliver the highest yield on your principle.

Source

Methodology

I will use the data from questions 1 and 2 found on this and this dashboards to compare allocation from DAI and USDC Vaults into Fuse Pools.

Results

Figures 1. and 4. show the current allocation from both Vaults into the Fuse Pools.

DAI Vault is allocated in Fuse-6 (46.5%), Fuse-7 (29.5%) and Fuse-18 (23.6%). It looks like a balanced strategy between these 3 pools although Fuse-6 has 50% and 100% more allocation than Fuse-7 and Fuse-18 respectively.

USDC Vault is allocated between Fuse-7(87%), Compound(8.3%) and Fuse-18(4.1%). It is a very skewed allocation towards Fuse-7 Pool.

Figures 2. and 5. show the deposits and withdrawals transactions for both Vaults. DAI Vault has less total transactions, specially much less withdrawals.

Figures 3. and 6. show the deposits and withdrawals over time. On November's first week a total of 51M were deposited for both Vaults in Fuse-6, Fuse-7 and Fuse-18 pools.

Conclusions

• Both Vaults have been using Fuse-6, Fuse-7 and Fuse-18 pools primarily in their allocations strategy. The other significant pool is used in Compound for USDC Vault. There are other pools were funds were allocated but these play a neglectable role in the general strategy.

• Over time, DAI Vault has maintained a more balanced ratio between the 3 Fuse Pools.

• USDC Vault on the other hand has reduced Fuse-18 significantly and depleted Fuse-6 completely in favour of FUse-7, which is almost 90% of the total allocation.

• Currently estimated yields are for DAI ca.1.8% and for USDC ca.8.9%.

• I assume that DAI Vault has a more conservative, value trading (less withdrawals) profile than the USDC Vault. This could also explain the higher yield on USDC (more risk).

USDC Vault

DAI Vault

Analysis by @KaskCEA powered by Flipside Crypto