AKASHI

USDS/USDG Multiply

KaminoKaminoStable LoopPoints

0.05%

Current APY

—

7D avg

-4.60%

30D avg

$908.6M

Total deposited

$1.9M

Available

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Elevated risk · Grade D

61/100

  • Uses borrowed money, which magnifies losses — up to 5x leverage (liquidation at 90% LTV).
  • Control over the protocol's code matters — upgradeable behind a multisig (threshold undisclosed).
  • USDS's backing carries more risk than plain cash reserves — crypto-backed.

Strategy

risk 76/100
  • Strategy type80

    Leveraged loop

  • Leverage90

    Up to 5x leverage (liquidation at 90% LTV).

  • Yield source85

    Yield comes from a leveraged position.

  • Pool usage40

    95% of supplied liquidity is borrowed.

  • Pool size0

    ~$909.5M pool.

  • Lock-up & yield stability40

    30d APR volatility 14.2pp.

What can go wrong

  • Liquidation: if your loan-to-value rises above 90%, the position is liquidated and you can lose collateral. Higher leverage sits closer to this line.
  • Depeg: if USDG loses its peg, your effective LTV can spike and trigger liquidation even without a price drop in USDS.
  • Rate risk: the loop is only profitable while the USDS supply yield stays above the USDG borrow cost — that spread can compress or turn negative.

The assets

risk 30/100

What your deposit is held in, and how steady its value is.

USDS
CGCMC
  • Backing model35

    USDS: crypto-backed.

  • Peg history4

    USDS: worst recorded peg deviation informs this score (15 recorded event(s)).

  • Issuer size0

    USDS: ~$5.3B market cap.

  • Exit liquidity47

    USDS: ~$1.1M DEX depth.

  • Token age0

    USDS: live since 2017.

  • Freeze authority35

    USDS: issuer can freeze token accounts.

These rows show USDS. The overall score counts the weaker token on each measure.

About USDS

Each asset in this position — what it is, how reliable it is, and any past depegs.

USDSUSDS (formerly DAI)StablecoinCollateral
Some Risk
CGCMC

By Sky. Sky's (ex-MakerDAO) dollar stablecoin, over-collateralized by on-chain crypto and real-world assets. · Live since 2024

  • ·Worst deviation from $1 peg: 0.11% (tracked window).
  • ·Held its peg 99.9% of the time.
  • ·Small market cap — thinner liquidity makes a depeg more likely under stress.
Peg adherence (7d): 100.0%Worst deviation (7d): 0.083%DEX liquidity: $1.1M
Audited: Yes — Multiple (protocol audits)

Past depeg events

  • ▼ $0.97 · 2024-11-17 — 2.77% below peg, recovered source
  • ▼ $1.02 · 2024-11-11 — 2.37% above peg, recovered source
Show all 5
  • ▼ $1.02 · 2024-11-18 — 2.34% above peg, recovered source
  • ▼ $1.02 · 2024-11-21 — 1.62% above peg, recovered source
  • ▼ $0.98 · 2024-11-25 — 1.57% below peg, recovered source
USDS…TwcA

Token notes & warnings

  • Freezable — The authority's owner has the ability to freeze your token account, preventing you from further trading
  • Mintable — The authority's owner has the ability to mint more tokens
  • Permanent delegate — This token's owner has the ability to control this token, even if it is in your wallet
  • Mutable transfer fees — This token's transfer fees can be updated by the owner

Who runs it

KaminoKaminoXDocsDefiLlama
risk 23/100

The team and protocol behind this, and their track record.

Supplies your deposit into Kamino's lending reserves or automated vaults, where it earns interest from borrowers. Multiply positions loop your collateral against borrowed assets to amplify yield.

  • Admin controls45

    Upgradeable behind a multisig (threshold undisclosed).

  • Exploit history0

    No known exploits.

  • Track record0

    Live for ~50 months.

  • Price feeds35

    Single robust price feed (Scope).

  • Scale0

    $1.2B TVL — battle-tested at scale.

  • Safety reserves · no data40

    No disclosed treasury/insurance backstop.

  • Bug bounty0

    Live bug bounty up to $1.5M.

  • Audits0

    Audited (OtterSec, Sec3, Offside Labs, Certora, Ackee Blockchain).

How we rate risk

Stablecoin strategies get a 0–100 risk score (lower is safer) built from three areas — Protocol (audits, incident history, track record and admin controls), Strategy (leverage, lock-ups, pool size and yield source) and Asset (the token's peg record, backing, and exit liquidity) — weighted by strategy type — and the weakest area can push the overall number higher (riskier) on its own. The score maps to a grade: A ≤ 22, B ≤ 35, C ≤ 50, D ≤ 70, E above. Grades compare opportunities within our stablecoin catalog — an A is the strongest thing we list (blue-chip stablecoin lending), not a promise of safety. Live events (an active depeg, a reported exploit, a sharp deposit outflow) override the score immediately. Where we lack data, the factor says so and scores cautiously. Non-stablecoin opportunities are not rated. A comparison aid, not advice.

Risk levels are Akashi's own assessment to help you compare opportunities — not financial advice or a safety guarantee. Every DeFi position carries smart-contract and market risk.

Non-custodial · Akashi never holds your funds