What is Rari Capital?

Rari Capital is a suite of decentralized finance products that allow users to earn yield. One of these products is the Earn product. The Earn product is a yield aggregator that searches for the highest yield with an autonomous algorithm across a collection of DeFi lending protocols. There are three distinct pools: USDC, DAI and ETH. These pools then use the deposited asset to earn a yield. This yield is earned via multiple strategies. For instance, assets in the pool can be deposited into DeFi protocols such as Aave and Compound Finance. Another strategy includes depositing the asset into so-called Fuse Pools on Rari Capital. These Fuse pools allow users to create their own lending and borrowing pool. In this dashboard, we will look at how assets from the DAI Vault are allocated across these various Fuse pools.

Methodology

In order to find how tokens in each Vault are allocated, the ethereum.events_emitted table was using in combination with the contract addresses of the DAI and USDC Vaults: 0xafd2aade64e6ea690173f6de59fc09f5c9190d74 and 0x66f4856F1BBD1eb09e1C8d9D646f5A3a193dA569. Filtering by event_name = 'PoolAllocation' and tx_to_label_subtype = 'pool' allowed us to see each transaction where USDC for deposited into the various Fuse pools. The pools are identified by a number such as 100, 101 and 102. Manual search using Etherscan was used to find the name of the pool associated with each number. Pools 1, 2 and 3 were excluded as these represent the DeFi pools such as Aave and Compound. Finally, we sum the amount deposited into each pool.

Results

Next, we'll look at the allocation of the tokens in both the DAI and USDC Vault:

From the two graphs above, we can see that the token allocation for the DAI and USDC vaults is very similar across Fuse pools. The two vaults largely use the same three pools: Fuse-6, Olympus Pool Party and Tetranode. There are some differences however. For example, The Tetranode pool has the smallest allocation with the DAI vault at about 21%, while the Tetranode pool has the largest allocation in the USDC vault, which about 35%. Furthermore, the USDC vault also has very small allocations to various other pools such as Fuse R4 and PoolTogether.

Key findings:

• The DAI and USDC Vaults are largely using the same Fuse pools to seek yield.
• These Fuse pools include: Fuse-6, Olympus Pool Party and Tetranode.
• Tetranode is the smallest allocation in the DAI vault, while being the largest allocation in the USDC vault.
• The USDC vault also includes a number of very small allocation to various other Fuse pools.