DeFi Vaults: Beyond Simple Deposit-Withdraw Mechanics

**KUSD** is a new stablecoin that can be minted with existing stablecoins and staked as **sKUSD** to earn rewards. **How it works:** - Deposit stablecoins → mint KUSD → stake for sKUSD - Backing stablecoins are deployed as short-term credit to verified borrowers against their receivables - When invoices clear, principal + fees flow back to sKUSD holders **Key features:** - Target base reward rate: ~10% - Rewards come from actual trade receivables, not token emissions - Backed by real-world payment flows ($200T+ global payments market) - Designed to maintain returns during crypto downturns **DeFi strategies available:** - Provide liquidity in KUSD/stablecoin pairs - Loop on lending markets to potentially reach 20-25% returns - No lockups required Unlike typical on-chain stablecoin rewards that compress to 2-3% in bear markets, KUSD's returns are tied to real economy activity that continues regardless of crypto prices. [View litepaper](https://kerneldao.com/kred/litepaper.pdf) | [Get in touch](https://kred.kerneldao.com/)

wrsETH has become the fastest growing asset on Aave v3's Mantle market, reaching approximately $110M in total supplied value. **Key Details:** - Boosted rewards program extended until April 15 - Growth represents significant expansion from $25M in late February - Part of broader Mantle DeFi ecosystem that crossed $1B in under a month **Reward Structure:** - Base restaking rewards - MNT incentives - 15 bps subsidy from Kelp - Looping rewards from borrow spread Users can supply wrsETH as collateral, borrow against it, or utilize looping strategies to amplify restaking exposure. [Supply wrsETH on Aave](https://app.aave.com/reserve-overview/?underlyingAsset=0x93e855643e940d025be2e529272e4dbd15a2cf74&marketName=proto_mantle_v3)

**KelpDAO's sKUSD stablecoin** provides 8-10% rewards backed by trade receivables and global commerce flows, offering an alternative to traditional stablecoin yield sources. **Traditional yield sources have limitations:** - Funding rates fluctuate with leverage levels - T-bill yields depend on Federal Reserve policy - Both compress during changing market conditions **sKUSD's approach differs** by deriving rewards from receivables, payments, and settlement flows tied to real economic activity rather than market cycles. This positions it between high-reward crypto yields that vanish during downturns and real-world backing typically limited to 4-5% returns. The protocol aims to provide consistent yields independent of crypto market conditions by tapping into global commerce infrastructure.

**Kelp is bridging DeFi liquidity with real-world trade finance needs.** Of the $10 trillion moving through global trade finance annually, $2.5 trillion remains unfunded. **How it works:** - sKUSD token earns returns from short-term receivables in trade and cross-border payments - Yields come from actual commerce settlement, not crypto market speculation - Targets $9-11 trillion locked in idle settlement buffers and receivables globally **The model:** While traditional stablecoins sit idle, KUSD generates returns backed by real payment flows and trade finance activity. Credit moves alongside settlement rather than weeks after, creating a practical bridge between DeFi capital and traditional finance infrastructure. Co-founder Amit detailed the approach at NextFin NYBW, explaining how programmable settlement rails can power working capital in payments and trade.

KelpDAO's head of ecosystem will join Mantle for a live discussion about rsETH's expansion on the Mantle network. **Key Details:** - Live session featuring KelpDAO and Mantle representatives - Focus on rsETH growth metrics and momentum on Mantle - Discussion will cover what's driving continued adoption The conversation aims to explore how rsETH, KelpDAO's liquid restaking token, is performing within Mantle's ecosystem and the factors contributing to its growth trajectory.