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0xE15f…4E11E0
U

sky.money USDS Flagship

skyMoneyUsdsFlagship
Ethereum
Curated by Sky Money·Inception 2026-02-12T14:00:11.000Z·Guardian
V2
Open on Morpho
Net APY4.49%
-2.64%30d 7.13%
Trend down
TVL$51.24M
-8.17%Capacity $0
Trend up
Utilization0%
Underutilized
Risk score
30
Moderate
Market 30
·Loan demand 50
Complexity35Standard strategy
Liquidity60/100
Instant redemption available
Performance fee0%No curator cut
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

sky.money USDS Flagship vault accepts USDS deposits. It keeps 80 pct in the vault and allocates 20 pct to 4 markets exposed to cbBTC - wstETH - WETH - stUSDS.

Where the yield comes from

Morpho V2 vault — wraps downstream Morpho markets and V1 vaults via adapters.

Why they may not

V2 risk model is not yet specialized in VaultScope — this row reports baseline defaults until V2-aware scoring is built.

Hidden exposure map

What this vault is actually exposed to — including dependencies that are not visible from the strategy name.

USDS
100%
StablecoinLoan asset supplied by the vault.
Reading this map. Direct exposures are the assets the vault holds or lends against. Indirect dependencies (Tab 3) include the protocols that mint those assets, the oracles pricing them, and the bridges that move them. An incident at any indirect dependency can damage the vault even when the direct collateral looks healthy.
Allocation breakdown

Every market the vault has supplied into, with current LTV, LLTV, oracle, and IRM. Idle balances are listed explicitly.

Markets0+ idle buffer
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
Stress scenarios

Modeled NAV impact under historical and hypothetical tail events. Each impact = − (shock magnitude) × (vault exposure) × (pass-through). Hover the calculator icon for the per-scenario formula.

V2 adapter routing failure
rare
computed

V2 vaults route through adapters into downstream venues. A misbehaving adapter (paused, drained, or pointing at a compromised target) can lock or mismark a portion of the vault until governance acts.

−4% × 100% (adapter-stack-wide assumption; refined when per-adapter shares are available)
-4.0%
Recovery operational
100% exposed
USDS / Sky governance shock
unlikely
computed

USDS inherits DAI's PSM model; recent migration adds operational risk. Mark-to-market loss on 100% of vault TVL (the loan asset is USDS).

−3% × 100% exposed × 100% pass-through (loan-asset shock)
-3.0%
Recovery 3–14 days
100% exposed
Activity

Curator and parameter changes detected by VaultScope's snapshot diff. Refreshed every 6 hours.

Full feed →
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Historical analytics

180 trailing days. APY, TVL, utilization, and an APY drawdown view to show how the vault has actually behaved — not just where it sits today.

APY range0.00% – 10.18%
trailing 180d
APY volatility (σ)2.10 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+0.00 pts
180d delta