Our latest research piece on $NUSD by @Neutrl We see Neutrl as an innovative on-chain hedge fund manager with an OTC angle. Despite only taking up 10% of all the funds, the hedged OTC trades make Neutrl unique; and we believe this is a more skilled operation than basis trading in exchanges. The yield to sNUSD is high but reasonable; but in the long-run, points or token incentives will be required to support the liquidity of NUSD. This will add to the protocol cost and thus reduces the residual yield to sNUSD. Its OTC operation is opaque, nor there’s disclosure of other investments; but using Accountable to tally real-time holdings is definitely a positive sign. Founder Behrin and its business partner STIX founder Taran’s backgrounds are a plus as well, on top of backing from a league of solid investors including Accomplice VC.

In addition, we did a quick reconciliation of the addresses which holds the funds and the movements of funds. these are public info, e.g. the address holding sUSDS. it should be disclosed by the team somewhere, excluding OTC-related addresses. Our check is not comprehensive and is basically re-doing Accountable's work - and not necessary. But since these addresses are not disclosed by the team yet (nor can we assure anyone they are indeed protocol-owned), we just did our napkin maths for due diligence reasons. If you are our premium subscriber, we are happy to share this simple reconciliation work at request.