9Summits
@nine_summits
DeFi curator & vault operator on @lagoon_finance, @MorphoLabs, @eulerfinance, and @SiloFinance
Reaching for new heights.
8 Following 526 Followers
The fxUSD Agentic vault on Base (Morpho), curated by 9Summits, is sunsetting.
Deposits are now halted. If you have an active fxUSD loan against any of the vault's active markets (VVV, cbBTC, wstETH, VIRTUAL), please repay your debt as rate could increase.
Depositors can withdraw once positions are closed.
Thanks to everyone who used the vault.
Show more
Update on the Flagship cbBTC Vault. Read the full transparency post from @tulipacapital below 👇
Transparency update on our Flagship cbBTC Vault on Lagoon.
Good news first: the vault position is net positive and LP price-per-share stays whole. A recent event in the underlying pools would have shown a ~1.56% PPS drawdown, and rather than let LPs feel it, Tulipa Capital and 9Summits are absorbing the full amount through a treasury loan.
What happened: the vault holds ~108 cbBTC in the YieldBasis cbBTC pool. BTC volatility drove Temporary Redemption Discount (TRD) expansion in the legacy pools, with an uncertain and unpredictable recovery timeline. YieldBasis then launched new pools engineered to control TRD volatility and run as a more efficient, less price-sensitive mechanism. On YieldBasis's guidance, we migrated rather than wait, moving from 111.9263 to 108.506 cbBTC (~3.42 cbBTC). The position itself has been net positive since we entered it. What the TRD event affected was rewards we had already earned and counted toward PPS, not principal.
After one month of rewards and earnings in the new pools, the remaining deficit versus pre-migration PPS is 2.288 cbBTC. To close it, Tulipa Capital and 9Summits are loaning exactly that amount, 2.288 cbBTC, to the vault: 1 year at 2.00% interest, repaid in monthly payments totaling 2.334 cbBTC (principal plus interest). LPs see zero PPS reduction.
Show more
Transparency update on the 9Summits ETH vault. Part of the vault was allocated to YieldBasis staked-cbBTC, held in YB's legacy pools. The risk parameters of those legacy pools let the position's value drift below its high-water mark through 2 successive drawdowns. On its own that gap was unrealized and could recover over time.
The issue: staying in the legacy pools kept us exposed to further drawdowns of the same kind, with no guarantee of recovery. In close collaboration with the YieldBasis team, the right move was clear, migrate the position to YB's new pools (safer, better risk parameters). Being forced to migrate is what realized the loss now rather than let us carry an inflated mark.
To mitigate the impact, 9Summits returned ~10.9 ETH of fees from its own treasury into the vault, leaving a net recognized drawdown of -8.35 ETH, or a PPS change of -0.0043188 (-0.43%). Even after this, the vault's 1Y net performance stands at 4.31% APR.
Counting the YB the vault earned and sold, the position is still net positive, and we expect the gap to the vault's HWM to keep closing over the coming weeks. An upcoming Season 2 airdrop is also expected to help offset the hit.
We understand how frustrating this event can be and remain fully committed and confident in finding the best outcome for our LPs. Please reach out with any questions.
Show more
🧱 @flintrwa is now live on @lagoon_finance
USDC vault where the underlying is 95% a basket of EUR real estate bond with maturity of 12 to 24 months and 5% in a low-risk liquid buffer for redemptions.
Target 10% APR with weekly distributions.
Deposit now →
USDC returns vary with EUR/USD rate
You can check the detail of the next financed real estate operation here
Show more
Flint is now live on Lagoon @lagoon_finance.
The Vault is Open. Deposit USDC and access a portfolio of real estate-backed opportunities in developed markets through a single vault.
Earn ~10% target APR.
Weekly distributions.
Powered by Lagoon's ERC-7540 infrastructure.
The next chapter of on-chain yield starts here. Build with bricks🧱, not tokens.
Show more
Precautionary action on our fxUSD @Morpho vault on @base:
→ BNKR market supply cap set to 0
→ All allocation removed
Depositors safe. Monitoring ongoing.
investigating reports that several bankr wallets have been compromised. transactions disabled out of caution while we look into it. updates to follow.
USDC @SiloFinance vault v3 on @XDCNetwork is live.
Earning ~4% APR across XDC and scrvUSD markets to start.
First Silo vault on XDC.
Check it out 👇
BOOM @AskVenice just doubled their programmatic $VVV burns (up to 10x for Max tier) 🔥
If you're holding VVV, this matters. A lot.
And remember the best place to set it and forget it while enjoying compounding yield + better liquidity is $wsVVV on @lagoon_finance
Deposit here:
Show more
Venice is increasing programmatic VVV burns.
Each new Pro subscription now burns $2 in VVV (up from $1). New Pro+ and Max subscriptions now also trigger programmatic burns at $5 and $10 in VVV respectively.
Show more
Update: Following the Kelp/rsETH exploit and resulting in likely bad debt on Aave V3's WETH reserve, 9Summits has withdrawn 100% of its Aave positions across all Lagoon vaults.
We have no exposure to Kelp across all Lagoon vault we curate. All depositor funds are safe.
We're monitoring the situation
Show more
A typo slipped into our announcement post.
As a wise man once said: THE TICKER IS $wsVVV 🔥
(Same vault. Same fast liquidity for your staked $VVV. Just wanted to set the record straight before you go searching for it)
Show more
sVVV from @AskVenice locks your capital for 7 days on every withdrawal.
$wstVVV gives you instant liquidity with autocompounding yields.
Transferable, collateral-ready, built on @lagoon_finance infrastructure.
Here's how it works 👇
Show more
sVVV from @AskVenice locks your capital for 7 days on every withdrawal.
$wstVVV gives you instant liquidity with autocompounding yields.
Transferable, collateral-ready, built on @lagoon_finance infrastructure.
Here's how it works 👇
Show more
🟢 Update: We have fully settled 100% of the stUSR in the @usualmoney vault for USDC with @ResolvLabs.
Vault depositors will be able to redeem their funds in the coming days.
Thank you for your patience. 🫡
Show more
