Popular Interpretation of Resolv: On Chain Version of ENA? Why is it worth paying attention to As expected, Resolv has made it onto OKX, Binance Alpha, and Binance contracts. With the rise of the stablecoin market, especially in the current trend of "yield based stablecoins," what exactly is Resolv doing? Disassemble it. _________ 1、 Basic stock: Top VC endorsement+ETH collateralized stablecoin Resolv was founded in 2023 with the goal of building an on chain stablecoin USR that is 100% ETH over collateralized and anchored to the US dollar, and implementing a Delta neutral strategy through per position. In April 2024, it received a $10 million financing led by Maven11, marking its first public project of the year. _________ 2、 Mechanism highlights: stable anchoring, risk isolation, and self driven returns The structure of Resolv can be summarized as "three-tier assets+triple mechanism": 1. USR: Core stablecoin ETH over collateralized, anchored in US dollars Can be pledged as stUSR to obtain agreement benefits The liquidity anchoring mechanism is supported by the lower layer 2. RLP: Risk taking LP Provide ETH minting to earn PERP positive capital fee+staking income The system losses will be borne first by RLP 3. Mortgage Pool: Building Delta Neutral ETH spot+PERP contract to build hedging structure Combining on chain and custodial assets to ensure transparency and security In addition, in terms of revenue, daily distribution allows USR users to earn stable profits, RLP users to earn risk premiums, and a portion of the agreement treasury is extracted for ecological purposes. _________ 3、 Comparing ENA: Three major upgrade highlights Although the core idea comes from ENA, Resolv is clearly more "on chain native" and goes further in the following three aspects: 1. More authentic sources of income Mainly relying on the on chain PERP market and ETH staking, the returns are more stable and the sources are more transparent. 2. Clearer risk stratification All losses are absorbed by RLP, and USR users always have safe principal, stable anchoring, and clear risk isolation. 3. More diverse token mechanisms USR (stablecoin)+RLP (risk LP)+RESOLV (governance), with clear structural differentiation and clearer participation paths. _________ 4、 Conclusion: It is more radical and pure than you imagine Resolv started almost at the same time as Ethena, but still lags behind the latter. However, Resolv chose a more on chain, structured, and censorship resistant path. Although it started slowly and had a high threshold, it also represents a purer DeFi spirit. Today, as the revenue stablecoin model gradually evolves, Resolv is not the first project to emerge, but it is more on chain, purer, and more surprising. Once it runs, perhaps the upper limit will be higher.