RESOLV, the governance and rewards token of the Resolv decentralized stablecoin protocol, is off to a strong start, up 25% on its first day of trading.
The token currently trades at a $48 million market capitalization and a $340 million fully diluted valuation (FDV).
RESOLV Market Cap
The newly launched token is the Resolv protocol’s third, after the USR stablecoin and RLP, or Resolv Liquidity Pool. The latter is an overcollateralized insurance fund that backstops USR’s dollar peg.
USR can be staked for stUSR, which currently has a seven-day yield of 4.8%, according to Resolv. As RLP is riskier, it offers a higher yield of 8.7%.
USR is fully backed by Ether, with Resolv using a delta-neutral hedging approach to maintain its dollar peg. Resolv buys ETH while simultaneously shorting it as a hedge against price fluctuations, and to generate yield for stUSR holders from funding fees.
USR has a total value locked (TVL) of $217 million, while RLP has a TVL of $131 million for a total of $348 million, according to DeFiLlama. That’s down from a $422 million on May 27, when the RESOLV airdrop kicked off. Airdrops must be claimed by June 27.
The RESOLV token enables holders to share fee revenue, unlock higher yield tiers and vote on collateral mixes, Resolv Labs said in a Medium post. It describes the USR stablecoin as “an interest‑bearing USDC — minus the opaque middlemen.”
Ethena’s USDe, the sector’s leader, works in a similar manner but without an insurance token. It has a market cap of $5.9 billion.
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