Current state: collateral ratio & RLP price
Yield period simulator (10% fee on gains only)
Полная разбивка
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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.
Часто задаваемые вопросы
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.