eUSX/USX Multiply

KaminoRWA LoopPoints

15.99%

Current APY

—

7D avg

9.91%

30D avg

$12.9M

Total deposited

$2.9M

Available

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Strategy overview

This Kamino Multiply strategy uses eUSX as collateral to borrow USX, then converts the borrowed USX into more eUSX. The loop can amplify eUSX yield, but it also increases liquidation risk.

Net APY by leverage over time. net = supply × leverage − borrow × (leverage − 1).

Elevated risk · Grade D

53/100

The strategy is more complex than plain lending — a leveraged loop adds moving parts that can each go wrong.
eUSX's backing carries more risk than plain cash reserves — synthetic-backed.
Control over the protocol's code matters — upgradeable behind a multisig (threshold undisclosed).

Strategy

risk 68/100

Strategy type80
Leveraged loop
Leverage70
Up to 4x leverage (liquidation at 80% LTV).
Yield source85
Yield comes from a leveraged position.
Pool usage0
60% of supplied liquidity is borrowed.
Pool size8
~$12.9M pool.
Lock-up & yield stability32
30d APR volatility 8.1pp.

What can go wrong

Liquidation: if your loan-to-value rises above 80%, the position is liquidated and you can lose collateral. Higher leverage sits closer to this line.
Depeg: if USX loses its peg, your effective LTV can spike and trigger liquidation even without a price drop in eUSX.
Rate risk: the loop is only profitable while the eUSX supply yield stays above the USX borrow cost — that spread can compress or turn negative.

The assets

risk 55/100

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

eUSX

Backing model60
eUSX: synthetic-backed.
Peg history · no data30
No peg history accrued yet (eUSX).
Issuer size48
eUSX: ~$201.1M market cap.
Exit liquidity50
eUSX: ~$946k DEX depth.
Token age51
eUSX: live since 2025.
Freeze authority0
No freeze authority on the underlying tokens.

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

About eUSX

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

eUSXStaked USXYield-bearing stableCollateral

Some Risk

By Solstice. Staked form of Solstice's USX (backed 1:1 by USDC/USDT); accrues yield from delta-neutral trading strategies. · Live since 2025

·Yield-bearing — price is designed to drift upward, so it has no fixed $1 peg.
·Price volatility: 0.01% (30d).
·Small market cap — thinner liquidity amplifies price moves.

Volatility (7d): 0.0091%DEX liquidity: $946K

Audited: Yes — Halborn (contracts); Accountable proof-of-solvency

Past depeg events

▼ $0.10 · 2025-12-26 — Tracks USX, which crashed to ~$0.10 on Solana DEXs on 2025-12-26 from a secondary-market liquidity drain (the token stayed over-collateralized) before recovering to ~$0.99 the same day. source

3Thd…p1WC

Token notes & warnings

Low activity — This token has low organic activity
Mintable — The authority's owner has the ability to mint more tokens
Freezable — The authority's owner has the ability to freeze your token account, preventing you from further trading

Who runs it

Kamino X Docs DefiLlama

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