Neutrl: I'll make Kongshan Zhai coins to support you The 10.11 tragedy once again made everyone in the market feel the terror of altcoins. Under the flash crash, there are really VC coins that can be reset to zero, which is the true meaning of zero. Since Binance Tiesuo has gathered all the new and listing capabilities, VC Coin has also stood up and gained confidence. Fake is fake, just a slight movement will reveal its true form, right? Let's dive in! ⬇️ Is there any solution? Unexplained, this is the original sin of VC coins. Even with such low chips, you still need someone to take over the market. So when the market was bustling, many derivatives and OTC began to become active, and all the goals were aimed at a market neutral strategy, that is, a strategy that can yield returns on both rises and falls. Neutrl is a project that I have been working on in recent days. I will first briefly outline what it is, what it can do, and what the risks are. Then, I will summarize the related terminology and popular science. If you understand this article, it will benefit you for life, which is not an exaggeration at all. What is Neutrl @Neutrl-labs is a scalable market neutral synthetic dollar protocol that focuses on unlocking "hidden" revenue opportunities in the VC market. Why is it said to be hidden? Because most retail investors cannot access this part of the business model, it has always been played by large venture capitalists, home run companies, and other institutions in the past. Neutrl is not a simple stablecoin, but rather generates directional risk free cryptocurrency trading returns through intelligent strategies. We are still in the private equity testing stage and cannot get in at all. Private equity has already attracted $50 million in TVL and achieved an annualized return of 30% under the relevant strategy. What can be provided Core products: Synthetic USD NUSD and Staked Version sNUSD, which can automatically earn protocol profits by benchmarking USDe and sUSDe Profit type: Stable APR, currently 26-30%, generated through OTC discounts and DeFi arbitrage Additional Incentives: Neurl Points and Origin Programs *Users can earn points using NUSD with partners such as Pendle, Euler, and Morpho, which may be redeemed for rewards in the future. There is also a pre deposited vault that offers airdrop rewards such as 450000 XPL. How was it provided Portfolio allocation: 10-20% for OTC arbitrage, the rest for liquidity based trading and income bearing stable assets Technical infrastructure: Built on Ethena Labs' tokenized cash and carry model, utilizing OTC order flow and DeFi neutral allocation. Funds are held in custody on ByBit, Binance, and other platforms, securely settled through Fireblocks, with a 0.4x low leverage, fully collateralized model. Future expansion plan: On October 15th, a pre deposit vault with a maximum limit of $50 million will be launched on the Plasma chain, managed by K3 Capital, providing early deposit incentives. / Neutrl is known as the 'enhanced version of Ethena', which I understand as an extension of Ethena to the hidden deep opportunities of altcoins, such as 30-70% discount+short lock up period OTC discount tokens. Ethena relies more on the open market, while Neutrl achieves an APR 10-20% higher than Ethena through exclusive access from STIX, the largest OTC market operator, and places greater emphasis on cross market stability. The above are differences, of course, Neutrl also adds integral incentives, which is also an important participation angle. The Neutrl Origin program and Neutrl Points are both used to reward those who participate in pre deposit vault activities. The simplest way is to use NUSD on various partner platforms to earn points, which are followed by rewards. What is risk It is impossible to be risk-free, so it must be warned that although Neutrl is market neutral, it is definitely not zero risk. Please always remember that delta neutral ≠ risk free. Based on its pattern, I have listed the 'possible' risks: OTC hedging risk: If the price of OTC purchased tokens skyrockets, short positions require additional collateral, which may lead to liquidation or hedge rupture. Neutrl alleviates the situation through ultra-low leverage and off exchange settlement, but there is still significant risk in extreme situations such as 10.11. General DeFi risks: Smart contract vulnerabilities, liquidity risks, regulatory uncertainty, and other issues that DeFi will encounter, none of which Neutrl can escape. The Neutrl protocol has undergone a round of stress testing, and it can still maintain 26% APY during the 10.11 major calculation. The funds are fully collateralized, which is relatively stable. In addition, OTC has only allocated a small total capital position here, so the risk allocation of the overall capital pool also tends towards a market neutral strategy. / Neutrl can get exclusive access to Stix. After checking, it turns out that Stix and Accomplice led the investment of $5 million, which is easy to understand. Amber Group, Figment Capital, Nascent, and Susquehanna are also involved. In addition, Guy Young and Steven Shi from Ethena, Josh Lim from FalconX, and others have also participated in angel investments. To summarize the perspectives of participation: Current: Private equity testing, limited to private LPs, TVL has reached $50 million or more Coming soon: Pre deposit: Deposit up to $50 million, earn XPL/Points, early bird rewards Points: Use NUSD to earn points on Pendle and other platforms Reminder again, market neutrality does not mean no risk. Overall, Neutrl remains a high-risk strategy for arbitrage, and there is a need for balance and coordination between stablecoins and pledged stablecoins. The risk brings high returns, and as an enhanced version of Ethena, its power has already begun to emerge. Suggest Xiaocang to participate, understand first and then invest. The list of specialized terms involved in this article is: Synthetic Dollar Market Neutral OTC Arbitrage Funding Rate Inefficiencies Liquid Basis Trades Yield Bearing Stable Assets Tokenized Cash and Carry Model Delta Neutral How many have you figured out? Learn, everyone has to learn. / Author: Anymose | A Soft Core Science Popularization Writer This article is for educational purposes only and does not constitute any investment advice. Always remember DYOR!