Quick Take

• In the crypto markets, both on centralized and decentralized markets, stablecoin yields are high compared to traditional markets. 
• This is mainly due to a supply constraint for crypto dollars and a bull market — with BTC price up 374.9% in the past year.
• Funding rate arbitrage has the highest yield in centralized markets. Yield farms related to the AMM protocol Curve have the highest return for decentralized ones.

This research piece is available to
members of The Block Genesis.
You can continue reading
this Genesis research on The Block.