Neutrl, this stablecoin project, quickly filled up its pre-deposit after the private LP round. So far, it has raised a total of $75M. Its standout feature is adding an OTC arbitrage strategy on top of Delta neutral. It’s pretty straightforward: acquiring altcoins at 30-70% discounts through OTC deals and then hedging to lock in profits. This strategy accounts for roughly 10-20% of the overall approach. The official team is heavily promoting this differentiation, positioning it as the main driver for surpassing the average market return levels. However, this strategy comes with one key characteristic: it requires locked staking. So, when you stake NUSD into sNUSD, you can choose a lock-up period of 6-12 months. The longer the lock-up period, the higher the returns you can earn. This design is intended to align with the liquidity needs of the OTC strategy. The remaining funds are mostly allocated to strategies similar to Ethena, which offer lower but stable returns and can also accommodate regular withdrawal demands. In terms of risks, the OTC portion is the most obvious concern. It may involve default risks, hedging strategy risks, and so on. This part is also difficult to decentralize, somewhat resembling the logic of RWA. Risks and returns are proportional, making it suitable for users with moderate risk preferences. It’s likely that more allocation will open up soon. As for funding background, the main backers are STIX and Amber Group, with $5M in financing. STIX primarily focuses on the OTC market.