Current state: collateral ratio & RLP price
Yield period simulator (10% fee on gains only)
Desglose completo
| Métrico | Before | After period |
|---|
USR never sees the pool's P&L directly — RLP does, leveraged
Resolv structurally separates two roles that most stablecoin-backing designs leave bundled together. USR holders have a claim on exactly 100% of the collateral pool, dollar for dollar — no more, no less — regardless of whether the pool's ETH/BTC-hedged basis trade and staking/lending/RWA yield had a great week or a terrible one. RLP holders own everything above that 100% floor: when the pool profits, 100% of the profit flows into RLP's price; when the pool loses, 100% of the loss comes out of RLP's price first, before USR's backing is touched at all.
That structure means RLP's price swings by a multiple of the pool's own percentage return — this calculator labels that multiple "implied leverage" and computes it as CR ÷ (CR − 1), where CR is the collateralization ratio (pool value ÷ USR supply). At a 115% CR, that's roughly 7.7x: a 2% pool gain moves RLP's price by roughly 15%, and a 2% pool loss moves it the same amount in the other direction. The thinner the cushion (CR closer to 100%), the more violent that swing becomes — which is exactly why Resolv's own documentation suspends RLP redemptions once CR drops below 110%, rather than letting withdrawals thin the cushion further right when it's absorbing the most stress.
The 10%-on-positive-yield-only protocol fee sits on top of this: it shaves a slice off RLP's upside on good days (fully effective at 10% since 21 August 2025, per docs.resolv.xyz) but takes nothing — 0% — on flat or negative days, so it never makes a bad period worse. Mint and redeem for both USR and RLP are separately fee-free at the protocol level.
Preguntas frecuentes
What is RLP and how is it different from USR?
Per Resolv's own litepaper (docs.resolv.xyz), both USR and RLP are minted and redeemed 1:1 against the same collateral pool, but they claim different slices of it. USR is the stable, yield-bearing "prime asset" — it only has a claim on the dollar-for-dollar backing it needs, nothing more, nothing less. RLP is the leveraged equity/insurance layer: it owns 100% of whatever collateral sits above that 1:1 USR backing. When the pool's basis-trade and staking strategies make money, RLP captures all of the excess; when they lose money, RLP absorbs the loss first so USR stays whole.
How is RLP's price actually calculated?
RLP price = (collateral pool value − USR supply) ÷ RLP supply. Resolv's docs describe RLP as having "a price, representing a value of assets backing a single unit of RLP token," and separately confirm USR holders get "more than 100%" collateral backing with the excess backing RLP — the formula above is just that description made explicit. Because RLP only represents the thin equity slice above 100%, every dollar of pool profit or loss moves RLP's price by a multiple of the pool's own percentage return; this calculator shows that multiple as "implied leverage" = CR ÷ (CR − 1).
What is the 110% collateralization ratio threshold?
Resolv's risks-and-mitigants documentation specifies that the USR Collateralization Ratio (CR = collateral pool value ÷ USR supply) must stay above 110% for normal operation. If a bad stretch of negative funding or a credit event pushes CR below that 110% floor, RLP redemptions are suspended — the protocol stops the equity cushion from being drained by withdrawals exactly when it is thinnest and most needed to keep absorbing losses ahead of USR.
How does the 10%-on-positive-yield-only protocol fee work?
Per docs.resolv.xyz/litepaper/protocol-mechanics/fees, USR and RLP mint/redeem carry a 0% fee, but the protocol takes a performance fee on the pool's own yield — ramped from 2.5% in its first week (31 Jul 2025) up to a fully effective 10% from 21 Aug 2025 onward. Critically, that fee applies only on days the pool generates positive yield; on flat or negative days, 0% is collected. So the fee trims how much a gain compounds RLP's price upward, but it never deepens a loss.
How is this different from Ethena's sUSDe or Resupply's Insurance Pool?
Ethena's USDe/sUSDe has no separate junior tranche — every sUSDe holder carries the basis-trade funding-rate risk directly and proportionally. Resupply's Insurance Pool is an opt-in side-pool that only activates on an explicit bad-debt event from one lending market; a plain reUSD borrower who never stakes into it isn't exposed. Resolv instead splits the two roles into two tokens from day one: as long as RLP exists and CR stays above 110%, USR never directly absorbs the pool's day-to-day P&L — RLP absorbs all of it, leveraged, every single day, good news or bad.