Resolv: Beta to Ethena's Growth

In the current bullish market, Resolv has seen accelerated growth, especially within its higher-risk tranche, RLP. While both tranches expanded, RLP growth significantly outpaced the senior tranche (USR). From May 1 to July 25, USR TVL grew from ~$205M to $265M (+29%), while RLP TVL grew from $64M to $237M (+270%). Overall, total TVL increased from $335M to $503M, with RLP's share rising from 19% to 47%.

This expansion was partly driven by the ongoing Season 2 points airdrop (July 8-Sept 30, 2025), distributing 4% of Resolv’s total token supply (40M tokens).

Fee Switch

On July 24th, Resolv introduced a 10% protocol‑fee share mechanism ("RESOLV flywheel"). Revenue from this fee will support DeFi integrations, fintech solutions, institutional partnerships, ecosystem grants, product innovation, buybacks, and other token-aligned initiatives. Specific allocations will remain subject to protocol governance.Based on forward-looking annualized revenue, Resolv trades at multiples comparable to Ethena (~16x FDV/revenue, 7x market cap/revenue), with a circulating market cap of $49M and FDV of $183M. However, on a trailing 30-day revenue basis, Resolv appears overvalued relative to Ethena due to its recent revenue increase (annualized $3.2M) following rapid TVL growth