Rari Capital offers a variety of decentralized protocols to bridge the knowledge gap in the crypto market and facilitate user adoption in the industry. Their products allow Rari Capital's users to gain value from their existing assets through a yield aggregation system.

Fuse is Rari Capital's open interest rate protocol that let users lend and borrow digital assets. It provides the users with the possibility of deploying their lending and borrowing pools. Also, they can customize the parameters of the pools in accordance with their needs, and they can make them public or private depending on their preferences.

Methodology

In order to collect the Rari Capital's data, its addresses for both its USDC Vault and its Fuse Pools must be determined. To do so, the information provided on the USDC Portal page of their website were utilized. On the bottom left side of the page, there is a list of recent trades that shows the transactions of USDC to Fuse pools. By clicking on one of them, the transaction's detail will open up on the Etherscan website which can then be utilized to obtain the Rari Capital's addresses.

Analysis

Here, a snapshot of the transaction's detail on Etherscan is provided to provide a breakdown of how the addresses were gathered. On top, there is a contract address which is the address for Rari Capital's USDC Vault. Below that, there is an address that shows the wallet the tokens were transferred to which is considered as the Fuse pool. On the next line, the name of the pool was also mentioned. Further down, a MethodID was stated under the Input Data section which was considered as the signature for the transaction.

Considering the process described above, the Rari Capital's addresses are as follows:

• USDC Vault: 0x66f4856f1bbd1eb09e1c8d9d646f5a3a193da569
• Signature: 0xd42ec3fe
• Fuse4: 0x94c49563a3950424a2a7790c3ef5458a2a359c7e
• Fuse6: 0xdb55b77f5e8a1a41931684cf9e4881d24e6b6cc9
• Fuse7: 0x53de5a7b03dc24ff5d25ccf7ad337a0425dfd8d1
• Fuse11: 0x241056eb034bea7482290f4a9e3e4dd7269d4329
• Fuse13: 0x3b624de26a6ceba421f9857127e37a5efd8ecaab
• Fuse14: 0x6447026fe96363669b5be2ee135843a5e4d15b50
• Fuse15: 0x5f9faed5599d86d2e6f8d982189d560c067897a0
• Fuse18: 0x6f95d4d251053483f41c8718c30f4f3c404a8cf2
• Aave: 0x3dfd23a6c5e8bbcfc9581d2e864a68feb6a076d3
• Compound: 0x39aa39c021dfbae8fac545936693ac917d5e7563
• mUSD: 0x30647a72dc82d7fbb1123ea74716ab8a317eac19

To be able to measure the USDC allocations of Rari Capital's vault, the data in the ez_token_transfers and the fact_event_logs tables of the ethereum_core schema were joined together. The transactions were filtered using the USDC Vault address, and Rari Capital's signature. More importantly, they were filtered considering only the transactions with a PoolAllocation event. Ultimately, the allocations were calculated using the amount_usd column.

In the following charts, it is demonstrated that the Rari Capital's USDC Vault has been allocated to eight Fuse pools in addition to mUSD, Aave, and Compound pools. Among the Fuse pools, Fuse7 with a share of ~43%, Fuse6 with a ~23% share, and Fuse18 with a share of ~19% are the three largest pools. Surprisingly, mUSD and Compound pools have had a share of ~8% and 4% respectively. Cumulatively, all of these pools have accounted for about $72M in allocations.

The investigation of USDC's monthly allocations has shown that USDCs were increasingly poured into the Fuse pools only until the end of November 2021. Since December 2021, which can be called the start of 2022's bear market, the volume of allocations has massively decreased. Besides that, the diversity of pools was high at the beginning, and moving forward, only pools of Fuse6, Fuse18, and Fuse7 have remained. Since the beginning of 2022, only Fuse7 has seen USDCs allocation.

Conclusion

In conclusion, it has been determined that the Rari Capital's USDC Vault was allocated to a total of 11 pools with only 8 of them being a Fuse pool. From the overall ~$72M allocations, Fuse7 accounted for the largest share with around 43%. Also, the token allocation was heavily correlated to the crypto market sentiment as it reached its all-time high at the end of November 2021. Since then, it has been drastically decreased in coincidence with the market becoming bearish and the rising of fears, uncertainties, and doubts.