Staking

Stake eUSD and earn yield in SPY, the tokenized S&P 500. Rewards accrue every second, there is nothing to lock and nothing to wait for, and staking $MONEY alongside multiplies your share of the stream.

This page covers Staking V2 (OwnStakingV2), the live system.

Key properties

How staking works

The pool streams SPY at a fixed per-second rate. Every staker holds a weight equal to their staked eUSD times their boost, and each second's SPY is split across the pool by weight. Your rewards settle continuously into a claimable balance: claim whenever you like, or exit everything (both legs plus rewards) in one transaction.

Because the split is by weight, what you earn per eUSD depends only on your boost and on how much the rest of the pool has staked. Every new staker dilutes the pool; every boost defends your share.

How the boost works

Your boost comes from coverage: the USD value of your staked $MONEY relative to your staked eUSD.

• With no $MONEY staked, your boost is the floor: 0.10×.
• Boost rises linearly with coverage and reaches the maximum, 3.60×, at your tier's full-boost coverage. Beyond it, boost stays clamped at the max.
• Bigger positions reach the max with less $MONEY. Your tier is set by your total staked eUSD:

For example, with $50k eUSD staked, full boost needs $10k of $MONEY. With $5k of $MONEY you sit halfway: 0.10× + 3.50× × ½ = 1.85×.

• Topping up eUSD can move you into a better tier, and unstaking below a tier edge moves you back down at your next snapshot.
• The curve lives in a swappable calculator contract; the app always shows the live parameters.

Your boost is snapshotted whenever you touch your position (stake, unstake, claim). Between touches, $MONEY price moves do not change what you earn. Anyone can re-mark any position at the current price via the permissionless refreshBoost, and the app's Manage tab shows a one-click re-mark whenever your live boost differs from your snapshot.

The flywheel

Every trade in the $MONEY/SPY pair pays a fee, collected onchain in SPY and split:

Each turn of the loop feeds the next: the burn makes $MONEY scarcer while boost demand locks more of it, the stream makes staked eUSD yield real dollars-denominated assets, and both pull more eUSD into existence. More eUSD means deeper markets and more trading, which pays more fees, which enlarges both the burn and the stream. This loop is the engine for scaling eUSD into the hundreds of millions.

And it compounds as eUSD grows: the stablecoin generates its own revenue, a stability fee on every CDP's debt. The fee is now 5%/yr, raised from its 2% launch rate as demand for eUSD has grown. That revenue routes into the same treasury that funds the stream, so a larger eUSD supply directly amplifies the flywheel that grew it.

How the yield is streamed

Rewards are not paid in lumps. The treasury funds a stream that pays out over a rolling 7-day window, accruing to stakers every second. The stream is checked daily: if the live rate falls below its target threshold, the treasury tops it up automatically and the remainder re-vests over a fresh 7-day window, so the rate stays smooth across top-ups.

The 60% staker share lands in the protocol treasury first, and the treasury deliberately keeps a buffer rather than forwarding every fee immediately. The buffer fills when trading volume is high and pays out when volume is low, smoothing the yield through quiet stretches instead of letting the APY whipsaw with daily volume.

V1 (sEUSD) wind-down

The original sEUSD vault (ERC-4626) is deprecated. It keeps running for existing holders, but new rewards flow only to Staking V2. Migration is one transaction: the app's Manage tab redeems your sEUSD shares at the live rate and restakes the eUSD into V2 through the staking zap.

Contracts

The boost calculator is readable onchain via OwnStakingV2.boostCalculator(). The full address book is on the contract addresses page.