Skip to content Paper stage · simulated portfolios, no deposits · not an offer
Strategies
Three strategies — the same questions for each
Only Conservative has enough history to publish a result. For Balanced and Aggressive we show how many days have been collected so far.
Conservative
risk: lower Mature · 113 days
- For
- People who want stablecoins to earn something while capital stays the priority.
- Objective
- Steady lending income on large stablecoin lending markets, no leverage.
- Result (paper)
- 4.9% annualised · drawdown −0.04% · measured 2026-10-13
Research target up to 6% — not a result
- How it works
- unlevered stablecoin lending
- Liquidity
- Lending markets — normally withdrawable daily; can be delayed if a market is fully borrowed.
- Status
- Paper only — live capital is not open
Balanced
risk: medium Accumulating · 13/30 days research only
- For
- Research — testing whether a locked fixed rate is worth a fixed term and some extra protocol risk.
- Objective
- Add a fixed rate on top of lending: a Pendle PT is bought below its face value and redeems at face value on its maturity date — that difference is the fixed rate.
- Result (paper)
- Accumulating: 13 of 30 days — no rate yet
- How it works
- stablecoin lending + Pendle PT fixed rate held to maturity
- Liquidity
- The fixed-rate part is held to maturity; exiting early means selling at the market price.
- Status
- research paper portfolio outside the path to live capital — refused for live capital
Aggressive
risk: higher Accumulating · 13/30 days research only
- For
- Research only — studying what leverage adds and what it costs. Not offered for real capital.
- Objective
- Measure a leveraged stablecoin loop (simulated: deposit sUSDe, borrow PYUSD against it, repeat) against its liquidation risk.
- Result (paper)
- Accumulating: 13 of 30 days — no rate yet
- How it works
- stablecoin lending + a simulated sUSDe/PYUSD loop on Morpho Blue
sUSDe: Ethena’s staked synthetic dollar; its yield comes from futures funding and basis trades, and it can lose its peg to the dollar.
PYUSD: PayPal’s dollar stablecoin.
- Liquidity
- Unwinding a loop depends on market depth; in stress it can be slow and costly.
- Status
- simulated leverage, research paper portfolio — refused for live capital
Paper stage. Live capital is not open; opening it requires a decision by the project owner and a legal review — not just a day count.
How to read the numbers
realized · paper What the simulated portfolio actually earned over its evidenced days. An annual rate is published only after 30 days of history.
research target The goal the research is testing. Not a result and not a promise.
backtest Rules replayed on past data. Shows a possible risk tail; it is not a real result.
observed A short measurement (for example one day). Only in dashboard detail — never an annual result.
Personal research project in paper validation — not investment advice, not a regulated service, not raising capital; results are simulated. Full disclaimer & risk disclosure →
