TechFlow reports on January 5 that according to on-chain analyst Yu Jin, the address 0x20c...4f5 which opened a 50x short position of 30,000 ETH (worth $110 million) on Hyperliquid is likely Resolv Labs' delta-neutral strategy hedge short position, rather than an individual whale. The address 0x20c...4f5 has conducted multiple transactions with Resolv's contract address 0xacB...b8e and shares the same Binance deposit address. Additionally, according to Resolv’s documentation, they implement delta-neutral strategies by shorting ETH via perpetual contracts. Therefore, the address 0x20c...4f5 should be used by Resolv for executing short hedging operations, not by any individual whale.
Resolv is a protocol maintaining USR, a stablecoin natively backed by Ether (ETH) and pegged to the U.S. dollar. Key features of the protocol include:
- Issuing USR and exchanging it for other tokens;
- Maintaining full backing in ETH, achieved by hedging ETH price exposure using short perpetual futures positions;
- Operating the RLP (Resolv Liquidity Pool), a liquidity insurance pool designed to ensure USR remains over-collateralized.
