Stablecoin Yields Explainer - Valkyrie

Stablecoin Yields Explainer

Decentralized Finance (DeFi), Stablecoins, Stablecoin Yields, AMM DEX Liquidity Provision, DeFi Lending, Centralized Lenders, Centralized Exchanges: Source: ValkyrieInvestments, Inc., Tether Operations

The examples shown in the Stablecoins and four main venue types of the Stablecoin Yields sections are a non-exhaustive listing intended for illustrative purposes only.

Stablecoins DeFi Composite Rate Index: Source: Skew - Annual composite rates based on most popular protocols. The composite rate index represents lending and borrowinglevels across major stablecoins.

Monthly DEX Volume (USD): Valkyrie Investments, Inc., DuneAnalytics - Defined as total reported volume for the specified DEX in the specified time period. "Other" categoryincludes the following DEXs: airswap, Bancor Network, clipper, DDEX, DefiPlaza, DFX Finance, DODO, dYdX, Gnosis Protocol, IDEX, Indexed Finance, Kyber, LINKSWAP, Loopring,mStable, Oasis, PowerIndex, Shell, xSigma

Stablecoin Circulating Supply: Source: Valkyrie Investments, Inc., CoinMetrics

Past performance is not indicative of future results. Investments may be speculative, illiquid and there is a risk of total loss. There is no guarantee that any specific outcomewill be achieved. This is not an offer to buy or sell securities. We do not offer legal, tax or financial advice. Information is purported to be as of the time period provided therein.Charts/graphs are for illustrative purposes only.