Lido EarnUSD is a stablecoin vault on Ethereum built on Mellow Core Vault infrastructure, accepting USDC and USDT deposits. Yield is generated from conservative lending on Aave and Morpho, with a $2M DAO first-loss backstop aligning Lido DAO incentives with depositors.
AUM
$37m
Net APY
6.21%
Active Users
341
Type
Vault
Network
Ethereum
CCC+
High RiskCeiling A-
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from CCC+ to A- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security76
KMPKey Management Permissions75
MMarket69
LLiquidity63
CCollateral78
PMProtocol Mechanics78
ICEInfra Counterparty Exposures41
PCEProtocol Counterparty Exposures60
GGovernance83
FRFinancial Resilience60
TLCTeam Legal Compliance70
DTDocumentation Transparency67
Performance
Assets Under Management · 30D▲ 3.49%
$37m
Over the last 30 days, the total value of Lido EarnUSD has grown 3.49% with $1.24M in inflows.
Net APY · 30D▼ 13.99%
6.21%
Over the last 30 days, the APY has decreased from 7.22% to 6.21%.
Active Users · 30D▲ 18.40%
341
Over the last 30 days, active users have increased by 18.40%, reaching 341 wallets.
Market Details
ChainEthereum
Treasury$125.90M
Code AuditsSherlock (Core Vault) ↗Nethermind (Core Vault) ↗StateMind (Mellow LRT) ↗ChainSecurity (Mellow LRT) ↗Sherlock (Mellow LRT) ↗MixBytes (Simple-LRT/DVV) ↗Immunefi Competition (Lido Mellow Vault) ↗OpenZeppelin (Dual Governance) ↗Certora (Dual Governance) ↗Statemind (Dual Governance) ↗Runtime Verification (Dual Governance) ↗
Oracles UsedMellow Oracle (off-chain consensus group) ↗
Asset ManagerMellow
Stated Withdrawal Time72 hours
Infrastructure ProviderMellow
Component Ratings
Contract Addresses (53)
Key Strengths
S1Lido DAO Dual Governance with dynamic timelocks (3-45 days), stETH holder veto powers, and rage quit mechanism provides robust on-chain governance protections
S2DAO-funded first-loss backstop aligns Lido DAO incentives with depositors through an on-chain loss-absorption mechanism, with the 1% mark-to-market loss trigger actively being tested via the EarnETH loss coverage process
S3Admin multisig with 5-of-8 threshold and publicly named signers controlling TimelockController ensures no single key can move user funds
S4Conservative stablecoin lending strategy on established protocols with organic yield from borrower interest, no leverage, and on-chain Verifier module enforcing whitelists
Key Risks
R1EarnUSD uses Mellow Core Vault infrastructure with fewer independent audits than alternative vault frameworks, and deployment configuration has not been confirmed in audit scope
R2Proprietary off-chain oracle without independent fallback creates a single-point dependency that could delay withdrawals if the consensus group fails
R3The EarnUSD Curator Safe differs from the multisig documented in the governance proposal, with signer identities and threshold undisclosed
R4The same Curator entity manages a sibling vault with confirmed losses, creating potential conflict of interest and divided attention
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