STAK
USDC based RWA + DeFi yield strategy that settles on Ethereum L1
STAK combines real-world yield from ynRWAx with DeFi efficiency via ynUSDx in a single, liquid token. It routes into the ynRWAx/ynUSDx Curve LP and is staked through StakeDAO, with rewards auto-compounded back into the LP so users can “hold one token” while earning both off-chain secured credit yield and on-chain DeFi yield on Ethereum.
Contract Address: 0xD1573de52fFF44dd92D275e20Fdab0296CCFF141
Yield sources
~10% base yield from a mix of:
ynRWAx (secured real-world private credit)
ynUSDx (low-risk DeFi market exposure)
+ variable upside from:
Curve LP fees
Incentive rewards
Deposits & withdrawals
Deposit or withdraw directly with the LP token, or via any token through Enso.
Enso computes an optimal route into the asset of your choice. Slippage varies by route and market liquidity always reviews the quoted path and expected slippage before confirming.
STAK is composable and usable across DeFi in AMMs or structured yield markets to hedge, lock outcomes, or express a view on future yield. It’s best for users who can hold through the ynRWAx maturity cycle for optimal outcomes.
Product summary
Goal: combine real-world, secured credit yield (ynRWAx) with DeFi efficiency (ynUSDx) and auto-compounded LP incentives into one position.
What you hold: STAK shares representing a pro-rata claim on the vault’s staked ynRWAx/ynUSDx Curve LP position.
Accounting / settlement: Ethereum L1.
Links
STAK website: https://stak.fyi/
YieldNest app: https://app.yieldnest.finance/token/STAK
Base configuration
Parameter
Specification
Price asset
ynRWAx/ynUSDx Curve LP token
Primary underlying asset
ynRWAx/ynUSDx Curve LP token
Accounting layer
Ethereum L1
Underlying assets
ynRWAx/ynUSDx Curve LP token
How STAK works
Deposit flow
Users can deposit:
Directly: ynRWAx/ynUSDx Curve LP tokens, or
Routed deposits: any supported asset routed through an aggregator path via Enso (e.g., swap → add liquidity) into the ynRWAx/ynUSDx Curve LP position.
High-level steps:
User deposits an asset
Asset is converted into ynRWAx/ynUSDx Curve LP tokens
LP tokens are staked via StakeDAO
User receives STAK shares
Core behavior: STAK stakes the ynRWAx/ynUSDx Curve LP via StakeDAO to earn swap fees and incentives, with rewards auto-compounded into additional LP over time.
Yield generation
STAK’s yield stacks across three layers:
1) Base yield
ynRWAx: RWA-backed yield that accrues value vs USDC.
ynUSDx: stablecoin yield via diversified, risk-adjusted DeFi strategies.
2) Curve LP rewards
DEX fees (swap fees) and any liquidity incentives earned by the underlying Curve LP position.
3) StakeDAO incentives + other rewards
Boosted/aggregated incentives from staking the LP via StakeDAO, harvested and auto-compounded back into the LP position over time.
Auto-compounding and value accrual
Rewards are periodically harvested and converted back into additional LP exposure.
STAK is intended to accrue via share-price growth (i.e., more underlying LP per STAK over time), rather than periodic payouts.
Withdrawals
You can withdraw at any time, using one of two approaches:
1) Withdraw LP tokens and exit manually
Withdraw the ynRWAx/ynUSDx Curve LP tokens, then exit the LP via:
ynUSDx only exit into a liquid token redeemable for USDC
ynRWAx only for users seeking concentrated RWA exposure
Balanced withdrawal proportional share of both tokens, depending on Curve pool composition
2) Route your withdrawal via Enso
You can route your withdrawal through Enso, which computes an optimal path into an asset of your choice. Slippage may occur depending on the selected route, so always review the quoted path and expected slippage before confirming.
Note on duration: STAK is optimally suited for users who can remain invested through the full ynRWAx maturity cycle to achieve optimal outcomes. Early withdrawals are always possible, but may incur slippage depending on market conditions and pool liquidity.
Security, trust boundaries, and key risks
Trust boundaries
On-chain vault logic: mints/burns STAK and manages the staking position.
Curve: LP pricing and exit liquidity depend on pool depth and pool composition.
StakeDAO: staking wrapper and incentive routing for the LP position.
ynRWAx off-chain manager: ynRWAx is built with Kimber Capital (AFS Licence No. 425278).
ynUSDx: combines multiple DeFi strategies designed for strong risk-adjusted stablecoin yield.
Primary risks
Liquidity / slippage risk: LP exits (especially single-sided) can be sensitive to pool depth and imbalances.
Duration / discount risk (ynRWAx): pre-maturity secondary pricing can trade at a discount/premium vs accrued value; this can flow through to the LP and STAK.
Smart contract risk: YieldNest contracts + integrations (Curve, StakeDAO, routing paths).
RWA/credit & legal-structure risk: ynRWAx relies on off-chain credit facilities and legal enforcement; disclosures apply.
Incentive variability: Curve/StakeDAO incentives and DEX fees are variable; any “target APY” is not guaranteed.
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