Yearn Degen USDC
100% of this vault sits in higher-risk collateral, yet it earns 1.81% on USDC versus 4% for a plain USDC vault (-219 bps). You're not being paid for the extra risk.
Yearn Degen vaults lend underlying assets to markets labeled as higher risk by the Yearn team. Optimization across markets is handled automatically via an algorithm developed by Yearn. Supply caps are set based on various factors and continuously monitored by the Yearn team as well.
The honest version. Every structural failure mode this vault is exposed to, ranked by severity. If you want to know whether to invest, start here.
Weighted LLTV across markets is 91.5%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.
Primary loan or collateral asset is a stablecoin. A sustained depeg below 99 cents impacts NAV and disables liquidation routing for non-USD collateral.