brUSDC
Last update: Sept 25, 2025
USDC+ DeFi Yield
Bracket is pleased to present the DeFi Yield USDC+ DeFi Yield Strategy.
Administrator: Boreal Deposits: Daily Withdrawals: t+1 About the Strategy: The strategy deploys to vetted DeFi protocols seeking risk-adjusted USDC-denominated yields. Its objective is to generate market-neutral returns in DeFi by capitalizing on yield opportunities while managing risk and limiting exposure to market volatility. The strategy will be exposed to stablecoins at all times.
The Vault Administrator employs investment strategies adapted from traditional finance, such as liquidity provision, futures basis, yield farming, yield arbitrage, and tactical leverage, to build robust systems designed to generate desirable risk-adjusted returns.
The approach focuses on leading Layer-1 and Layer-2 EVM blockchains and protocols and relies on extensive risk management expertise developed over multiple market cycles, ensuring strong performance and security. Strategically allocates capital to low-risk trades, building a diversified portfolio of 7–12 positions with a turnover period of 2+ weeks. The strategy maintains some exposure to leveraged risk, including Avant.
0xB0d73407076aDd4a9A49C75C023990Ac34526714
brUSDC
Rebasing token
0xb8ca40E2c5d77F0Bc1Aa88B2689dddB279F7a5eb
wbrUSDC
Non-rebasing vault token that may be deployable in external markets
0x3EBFa39649EFb8aa0B4e8dCCCd25884D8223c1ee
USDC (ETH L1)
Fees:
Performance
30%
Must exceed water mark for positive return
TVL
1.5%
Bracket platform flat fee (1.0%) + Boreal management fee (0.5%)
Source of yield:
Liquidity provisioning Identify the highest risk-adjusted yield opportunities by providing liquidity to leading decentralized exchanges and protocols
Futures basis Decentralized perps offer a basis premium to CeFi futures, while providing the opportunity to earn additional yield vs holding the spot
Yield arbitrage Risk infrastructure that maximizes capital efficiency safely via inexpensive tactical leverage against yield-bearing collateral
Special situations Actively seeks out opportunities to earn competitive yield while betting against assets with flawed fundamentals (eg, stablecoin depeg)
Yield Farming Strategy can farm protocol incentives/rewards for liquidity and then liquidates these rewards
Enforced Capabilities: Policy Managed Wallet Address: 0xB0d73407076aDd4a9A49C75C023990Ac34526714 Funds movement is limited by the Bracket Protector for MPC wallets, the Policy Managed Wallet, with Bracket Platform serving as a policy administrator. Neither Bracket nor the Vault Administrator can unilaterally withdraw funds out of this wallet. Funds are non-custodial and limited to the following protocols, assets, and bridges: Chains: Ethereum, Base, Arbitrum, Avalanche, Polygon, Optimism, Sonic Decentralized Exchanges (DEXs)
The strategy leverages top DEXs to enable efficient asset swapping, liquidity provision, and yield opportunities:
Uniswap v3: Versatile DEX with concentrated liquidity
1inch: Aggregates rates across DEXs for optimal pricing
Curve & Convex: Specialized in stablecoin trading with efficient liquidity
Balancer: Provides flexible liquidity pools
Aerodrome: Enhances liquidity and trading capabilities
Pendle: Tokenizes and enables trading of future yield
Umami: Focuses on providing sustainable and real yield strategies for DeFi users
Yieldnest: Enables cross-platform yield optimization by aggregating liquidity opportunities
Spectra: Integrates AI-powered optimization for liquidity provision and trading efficiency
Trader Joe: offers users a comprehensive suite of DeFi services including token swaps, liquidity provision, yield farming, staking, and lending, all within a user-friendly platform
Lending and Borrowing Protocols
The strategy optimizes capital efficiency by employing robust lending and borrowing protocols:
AAVE & Compound: Trustless lending and borrowing platforms
Morpho Blue: Enhances peer-to-peer lending efficiency
Dolomite: Combines lending with margin trading
Frax Lend: Focused on stablecoin lending
Moonwell: Decentralized lending and borrowing protocol native to the Base network, optimized for security and scalability
Silo Finance: A decentralized lending protocol that creates isolated lending markets to minimize risk between assets
Euler: A non-custodial DeFi lending protocol that enables permissionless borrowing and lending with innovative risk management
Leverage and Advanced Lending
The strategy incorporates advanced tools for leveraging positions and unique borrowing solutions:
Gearbox: Offers composable leverage solutions
Contango: Enables fixed-income and forward trading strategies
Beets (Beethoven X): A decentralized investment and trading platform built on Balancer, offering customizable liquidity pools and yield opportunities
Yield - Other
Avant: Yield protocol offering stable-value tokens like avUSD and yield-bearing counterparts such as savUSD, designed to provide users with accessible, risk-adjusted financial solutions through market-neutral strategies. The strategy maintains some exposure to Avant.
Cross-Chain Bridges
The strategy integrates various cross-chain bridges:
Stargate, Optimism Bridge, Base Bridge, Avalanche Core Bridge: Secure and efficient cross-chain solutions
Debridge & Across: Fast bridges for low-latency transfers
CCTP: Circle-powered stablecoin transfers
Superbridge & Arbitrum Bridge: Flexible bridging options
Supported Assets
The strategy supports a wide range of assets for liquidity, stability, and innovation:
Stablecoins: USDC, DAI, USDT, FRAXBP, TUSD, GUSD, LUSD, PYUSD, sDAI, USDS, USDe, USD0, crvUSD, USDR, scUSD, LvlUSDC, deUSDC, avUSD, savUSD
Wrapped/Receipt/Reward tokens corresponding to approved protocols.
Various PT-tokens related to Pendle positions (variable)
Blockchain Networks
The strategy ensures interoperability by utilizing multiple blockchain networks: Ethereum, Polygon, Arbitrum, Optimism, Base, Avalanche, Sonic
Enforced Deposit and Withdrawal Policies: Note that withdrawals are locked during the NAV update period. Deposits can be made during the lock period. --
Deposit Request
1:30pm EST Monday (17:30:00 UTC)
Deposit Processed
1:30pm EST Monday (17:30:00 UTC) + ~ 2hrs
Withdrawal Request
By 1:30pm EST (17:30:00 UTC)
Withdrawal Processed
Daily requests, but rolling daily schedule. Submit prior to 1:30pm EST, 17:30:00 UTC, available 1 day later + ~2hrs for processing
-- Disclaimer: Dates listed above may be subject to change with or without notice. Supported assets, wallets, and/or protocols may be updated in line with Changing A Vault's Investment Policy rules. *Target rate for the vault is illustrative and the reported rate will depend on actual performance. Eligible users only, please see Terms and Conditions for more information.
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