[MEV Capital] Elixir USDC Vault Updates

Vaults MEV Capital
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MEV Capital recently launched a new vault in collaboration with the Elixir team.This post outlines all the details of this product.

About MEV Capital

MEV Capital is a fund with over $350m in assets under management, specializing in optimizing investment strategies in DeFi. MEV Capital is already active on Morpho through the Usual Boosted USDC Vault and the wETH vault, which together hold over $60 million in AUM.

About Elixir

Elixir is a network built to power liquidity on orderbooks exchanges. It enables users to deploy liquidity to pairs and exchanges to build trustless features to enhance their liquidity.

The protocol recently launched its stablecoin, deUSD, which quickly reached a market capitalization of approximately $125 million.

Highlights

The MEV Capital Elixir USDC vault was whitelisted on September 9rd on Metamorpho. It allows exposure to the deUSD/USDC market, and two blue-chip markets: WBTC/USDC and wstETH/USDC.

The Potions incentives (x1.7 for suppliers) enhance the attractiveness of this vault and offer an interesting yield.

A market in the vault uses a hardcoded oracle feed. To limit risks, several active players, including IMC Trading, have access to an instant redemption feature that allows them to arbitrate the deUSD peg.

Market Specifications

The MEV Capital Elixir USDC vault allocates capital to the following markets:

  • deUSD/USDC (86%) :

    • Collateral asset : deUSD
    • Borrow Asset : USDC
    • Supply Cap : 50M USDC
    • LLTV : 86%
    • Oracle : hardcoded 1:1
    • IRM : Adaptive Curve 0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC
    • Incentives : x5 Potions for the borrowers

  • deUSD / USDC (86%)

    • Collateral asset : deUSD
    • Borrow Asset : USDC
    • Supply Cap : 35M USDC
    • LLTV : 86%
    • Oracle : Redstone deUSD/USD (0.1%) - 0x89F48f6671Ec1B1C4f6abE964EBdd21F4eb7076f
    • IRM : Adaptive Curve 0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC
    • Incentives : x5 Potions for the borrowers

  • wstETH / USDC (86%)

    • Collateral asset : wstETH
    • Borrow Asset : USDC
    • Supply Cap : 10M USDC
    • LLTV : 86%
    • Oracle : Chainlink USDC/ETH (1%) - 0x48F7E36EB6B826B2dF4B2E630B62Cd25e89E40e2
    • IRM : Adaptive Curve 0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC

  • WBTC/USDC (86%)

    • Collateral asset : WBTC
    • Borrow Asset : USDC
    • Supply Cap : 10M USDC
    • LLTV : 86%
    • Oracle : Chainlink BTC/USD (0.5%) - 0xDddd770BADd886dF3864029e4B377B5F6a2B6b83
    • IRM : Adaptive Curve 0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC

Vault Fee

The performance fee for the vault is fixed at 10%.

Next steps

As with the MEV Capital curated vaults, the MEV Capital Elixir USDC vault will soon be integrated into the Aragon guardian module. This integration enhances the vault’s security and its decentralization.

Regular updates will be provided to reflect the latest composition of the vault.

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