Last update: Nov 3, 2025

USDC+ DeFi Yield

Kaltra is pleased to present the DeFi Yield USDC+ DeFi Yield Strategy.

Administrator: Boreal

Deposits: Daily Withdrawal Requests: 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.

**DISCLAIMER: The strategy maintains some exposure to leveraged risk, including Avant. brUSDC and the corresponding wrapped asset wbrUSDC are NOT stablecoins, they are vault receipt tokens. Please review the wallets for your own due diligence.

Fees:

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 Kaltra Protector for MPC wallets, the Policy Managed Wallet, with Kaltra Platform serving as a policy administrator. Neither Kaltra 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 V3: Provides flexible liquidity pools
• Aerodrome: Enhances liquidity and trading capabilities
• Pendle: Tokenizes and enables trading of future yield
• 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
• 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

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, crvUSD, LvlUSDC, 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

Enforced Deposit and Withdrawal Policies:

Note that withdrawals are locked during the NAV update period. Deposits can be made during the lock period.

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.