Introducing Coinshift vaults

Vaults SteakHouse Financial
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Disclaimer: Morpho vaults under the curator brand Steakhouse Financial are curated by Carniciera Tropical Inc., incorporated in Panama. Read further disclaimers on our website. Neither Steakhouse or Carniciera are affiliated with Coinshift.

We are pleased to introduce our Coinshift USDL (ticker:csUSDL) and Coinshift USDC (ticker:csUSDC) vault, launched in partnership with Coinshift. Those vaults are leveraging Morpho Vault 1.1.

For the launch and to foster the decentralization of the upcoming SHIFT token, Coinshift is providing a rewards mechanism. Depositors in csUSDL and csUSDC will be eligible to earn SHIFT token expected to be worth 25% APR assuming $100M deposited and a valuation of SHIFT token at $500M. Neither Steakhouse or Carniciera are involved here.

USDL is a stablecoin issued by Paxos International Issuance MENA and is supervised by the Financial Services Regulatory Authority of the ADGM in Abu Dhabi. The stablecoin is yield bearing (currently 4.02%). The stablecoin (and therefore the vault) shouldn’t be used, nor accessed, by US citizens and some prohibited countries (see terms). While USDL is not yet rated by third parties, Paxos is known to issue the safest stablecoins (USDP has a S&P assessment of 2 (strong) and PYUSD a Bluechip rating of A-).

csUSDL uses wUSDL, deployed by Paxos, which is a wrapped version of USDL so the yield is accrued instead of the token being rebased. The wUSDL contract always allows conversion to, and from, USDL.

The Coinshift vaults keep all the great features of other Steakhouse vaults:

  • 7-day timelock allowing people to exit if a new collateral is not fitting their risk tolerance
  • Onchain Aragon DAO Guardians to allow all depositors to veto any significant action made by the curator:
  • State of the art programmatic reallocation system

The collateral selection will be focused on bluechip collaterals (wstETH and cbBTC at 86% LLTV to start) and maybe some highly regulated real-world assets in the future. USDL price will be hard coded at $1 in most cases, due to the shallow liquidity of USDL and the risk of oracle manipulation.

The owner multisig is a ⅗ comprised of 2 keys from Steakhouse, 2 keys from Coinshift and the last key from Paxos.

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Amazing news! Coinshift V1.1 vaults unlock massive potential for lenders -

  • csUSDL can now be listed as collateral in Morpho markets to borrow USDC, making it even more attractive for lenders.
  • Coinshift recently launched a boosted Balancer v3 pool with csUSDL/csUSDC. LPs can supply wUSDL/USDC to the boosted pool, which internally gets deposited into the csUSDL and csUSDC vaults respectively. The available liquidity in both vaults facilitate the swaps, making the stable pool highly capital efficient with up to 25% APY and multiple token incentives.
  • The BP token can also be potentially listed as collateral to borrow USDC, making it a perfect pool for large market makers.

The SHIFT token launch is planned for end of Q1, and these upgrades are paving the way to hit our $100M TVL milestone soon.

Huge thanks to the Steakhouse team for making this happen so quickly. Onwards and upwards!

About Coinshift
Coinshift is building the first onchain treasury economy offering businesses and individuals the safest way to move, manage, and grow value onchain. Coinshift provides new access to next-gen assets – and the perfect tools to manage them.

Imagine Revolut for onchain businesses: Coinshift provides free payments and accounting services to drive growth, while generating revenue through performance-based fees on asset management products. Our first asset management product is csUSDL.

Since 2021, Coinshift has managed $1B in Safe accounts and facilitated $1B in payments for over 300+ organizations, including Aave, Uniswap, UMA, zapper and Starknet. Backed by $17.5M from top investors like Tiger Global, Sequoia, Polygong and ConsenSys, our last equity valuation reached $150M.

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