Kamino4.71%
4.97%
4.80%
$2.9M
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Strategy overview
Deposit USDS into Kamino's lending market. Your deposit earns variable interest paid by over-collateralized borrowers.
- How it works:
- Your deposit joins a shared pool that over-collateralized borrowers draw from. The interest they pay is split among suppliers, so your yield rises and falls with how much of the pool is borrowed (utilization).
- What you hold:
- A lending position representing your supplied USDS plus accrued interest.
- Who runs it:
- Kamino — live since 2022 · audited by 5 firms · no known incidents
Position details
- APY Now
- 4.71%
- 7D Avg
- 4.97%
- 30D Avg
- 4.80%
- TVL
- $2.9M
- Tokens
USDS- Utilization
- 93.9%
- Deposit Address
- BHUi32TrEsfN2U821G4F…
Low–moderate risk · Grade B
24/100
- 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.
- Where the return comes from adds risk — yield comes from over-collateralized lending.
Strategy
- Strategy type20
More complex strategy type.
- Leverage0
No leverage.
- Yield source45
Yield comes from over-collateralized lending.
- Pool usage36
94% of supplied liquidity is borrowed.
- Pool size26
~$2.9M pool.
- Lock-up & yield stability0
30d APR volatility 1.1pp.
What can go wrong
- Withdrawals can be delayed when the market is near full utilization — your funds are lent out until borrowers repay.
- Yield is variable, not fixed, and can drop as borrowing demand falls.
- A bad-debt event in the market (a borrower's collateral can't cover their loan) can affect all suppliers.
The assets
What your deposit is held in, and how steady its value is.
- Backing model35
USDS: crypto-backed.
- Peg history4
USDS: worst recorded peg deviation informs this score (15 recorded event(s)).
- Issuer size0
USDS: ~$5.4B market cap.
- Exit liquidity48
USDS: ~$1.1M DEX depth.
- Token age0
USDS: live since 2017.
- Freeze authority35
USDS: issuer can freeze token accounts.
About USDS
Each asset in this position — what it is, how reliable it is, and any past depegs.
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.
Past depeg events
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
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