This vault optimizes yields for liquidity providers in the Curve DOLA/sUSDe pool through Convex Finance. The pool pairs Inverse Finance's DOLA stablecoin with Ethena's yield-bearing sUSDe, creating a unique combination of two DeFi-native stablecoins.
How This Vault Works
Provide liquidity to the Curve DOLA/sUSDe pool
Deposit the resulting LP tokens into Convex
Convex stakes in Curve gauges with boosted veCRV power
Earn CRV, CVX, and any additional incentives
Yield Sources: Curve trading fees, boosted CRV emissions, CVX rewards, plus the inherent yield from sUSDe (Ethena's staked synthetic dollar).
Understanding the Underlying Assets
DOLA: Inverse Finance's debt-backed stablecoin. DOLA maintains its peg through supply/demand mechanisms managed by the Inverse DAO. It is not an algorithmic stablecoin but is backed by protocol debt positions.
sUSDe: Ethena's staked USDe token. sUSDe accrues yield from perpetual futures funding rates and staking rewards. The sUSDe in this pool continues earning Ethena yield while providing liquidity.
Fee Structure
Convex's standard fee structure applies:
16% of CRV rewards taken as fees
No deposit or withdrawal fees
Fees distributed to CVX ecosystem participants
Yield Composition
This vault's APY combines:
Curve pool trading fees
Boosted CRV gauge emissions
CVX token incentives
Underlying sUSDe yield (passed through to LPs)
The relatively high APY reflects the combined yield sources and any additional incentive programs.
Risk Disclosures
Smart Contract Risk: Multiple protocol exposure including Curve, Convex, Inverse Finance (DOLA), and Ethena (sUSDe).
DOLA Risk: DOLA's peg depends on Inverse Finance's FiRM lending market revenues and DAO management. Protocol issues could affect the peg.
Ethena/sUSDe Risk: sUSDe yield comes from derivatives funding rates, which can turn negative. Ethena uses centralized exchanges for hedging, introducing counterparty risk.
Complexity Risk: This vault involves multiple DeFi protocols with interconnected risks. Failures in any component could cascade.
Impermanent Loss: If DOLA or sUSDe depegs relative to the other, LPs may experience losses.
Disclaimer: APY and TVL figures are based on on-chain data and may fluctuate. Past performance does not guarantee future results. DeFi investments carry smart contract, market, and liquidity risks. This content is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing.
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