Staking (sEUSD)
sEUSD is a yield-bearing ERC-4626 vault for eUSD, modeled on Ethena's sUSDe. Deposit eUSD, receive sEUSD shares, and the share price appreciates as protocol revenue streams in. There is nothing to claim and nothing to restake.
Key properties
| Property | Value |
|---|---|
| Standard | ERC-4626 + ERC-2612 permit |
| Lockup / cooldown | None; deposit and redeem are instant, 24/7 |
| Yield source | 50% of $OWN pair trading fees, converted to eUSD |
| Distribution | Linear vesting per reward batch (hours-scale window), compounding into the share price |
| Solvency rule | totalAssets() never exceeds eUSD the vault actually holds; the vault holds no mint rights |
How yield arrives
- The $OWN token trades against SPY on the Pons launchpad; every trade pays a fee.
- 50% of collected fees are converted to eUSD (the other 50% goes to the protocol treasury).
- An operator streams the eUSD into the vault via
transferInRewards. - The batch vests linearly over the vesting window, so the share price rises smoothly and cannot be sandwiched by depositing just before a distribution.
A new batch folds any still-unvesting remainder into itself and re-vests the combined amount over a fresh window, so totalAssets is continuous across top-ups. This is the operational lever for holding the rate steady as TVL changes.
Why instant redemption is always solvent
The vault's accounting only ever counts eUSD it already holds, minus the still-unvested portion of the current batch. Every redemption is therefore payable from existing balance without minting. Combined with the absence of a cooldown, this means leveraged sEUSD positions (in money markets or rate protocols) can be unwound atomically.
Rates
The displayed yield is variable and depends on $OWN trading volume. The app shows the current rate; realized yield is verifiable onchain from the share price history and the RewardsStreamed events. Yield is revenue, not emissions, so it is lumpy by nature: the vesting mechanism smooths it, and no rate is guaranteed.