Felix USDT0 (Frontier)
The Felix USDT0 Frontier vault extends to newer or higher beta collateral markets with tighter risk limits, seeking incremental yield while actively monitoring liquidity, oracle, and concentration risk.
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.
A market (PT-hbUSDT-18DEC2025 / USD₮0) is reporting supply APY at or above 50% — peak 297996% on PT-hbUSDT-18DEC2025 / USD₮0. This is almost always a degenerate IRM state (100% utilization, dust-sized supply, or a stale post-liquidation snapshot) rather than real lending demand. The vault's headline APY is being averaged up by these positions; treat it as transient. 0.0% of TVL sits in the affected market.
Cap-weighted utilization is 94.7%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.