JupiterIncentives

4.21%

Current APY

5.02%

7D avg

6.01%

30D avg

0.25%

Incentive APY

$476.2M

TVL

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Strategy overview

Deposit USDC into Jupiter's lending market. Your deposit earns variable interest paid by over-collateralized borrowers.

Lower risk · Grade A

18/100

Control over the protocol's code matters — upgradeable behind a multisig (threshold undisclosed).
Where the return comes from adds risk — yield comes from over-collateralized lending.
Limited reserves to repay users after an incident — ~$9.4M disclosed treasury/insurance backstop.

Strategy

risk 21/100

Strategy type20
More complex strategy type.
Leverage0
No leverage.
Yield source45
Yield comes from over-collateralized lending.
Pool usage20
Utilization unknown for a pool-based product.
Pool size0
~$476.4M pool.
Lock-up & yield stability0
30d APR volatility 1.8pp.

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

risk 9/100

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

USDC

CG CMC

Backing model10
USDC: fiat-backed.
Peg history6
USDC: worst recorded peg deviation informs this score (12 recorded event(s)).
Issuer size0
USDC: ~$70.0B market cap.
Exit liquidity0
USDC: ~$383.8M DEX depth.
Token age0
USDC: live since 2018.
Freeze authority35
USDC: issuer can freeze token accounts.

About USDC

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

USDCUSD CoinStablecoin

Low Risk

CG CMC

By Circle. Backed 1:1 by cash and short-term US Treasuries held in regulated reserves. · Live since 2018

·Worst deviation from $1 peg: 0.17% (tracked window).
·Held its peg 99.8% of the time.

Peg adherence (7d): 100.0%Worst deviation (7d): 0.065%DEX liquidity: $387.4M

Audited: Yes — Deloitte (monthly attestations)

Past depeg events

▼ $0.88 · 2023-03-11 — 12.11% below peg, recovered source
▼ $0.96 · 2021-01-05 — 3.69% below peg, recovered source

Show all 5

▼ $1.04 · 2021-05-19 — 3.62% above peg, recovered source
▼ $0.97 · 2020-06-02 — 3.46% below peg, recovered source
▼ $1.03 · 2021-03-17 — 2.72% above peg, recovered source

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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

Who runs it

Jupiter X Docs DefiLlama

risk 20/100

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

Supplies deposits into Jupiter's Earn lending pools (earning borrower interest) or Multiply vaults that loop a yield-bearing token for amplified exposure.

Admin controls45
Upgradeable behind a multisig (threshold undisclosed).
Exploit history0
No known exploits.
Track record0
Live for ~61 months.
Price feeds0
Multiple robust price feeds (Edge (Chaos Labs), Pyth, Chainlink).
Scale0
$2.1B TVL — battle-tested at scale.
Safety reserves39
~$9.4M disclosed treasury/insurance backstop.
Bug bounty15
Live bug bounty up to $500k.
Audits0
Audited (OtterSec, Offside Labs, Sec3, MixBytes, Zenith).

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

Jupiter Lend — USDC