Integrations

The external DeFi systems mStable currently interacts with for the Stacked Yield vault, and how they fit into the strategy.

The protocols listed here reflect the current implementation. The vault is built to rotate between supported yield markets as opportunities change, so this list may evolve over time. The infrastructure relationship with Chamber is constant.

Ethena (sUSDe)

What it is Ethena issues USDe, a synthetic dollar backed by a delta-hedged perp strategy. When staked, it becomes sUSDe, a yield-bearing stablecoin that distributes funding and staking rewards.

Why mStable uses it

• Provides a credible, yield-bearing stablecoin as a base-layer building block.

• Adoption and liquidity of sUSDe are strong.

Risks

• Funding dependency: relies on perp market funding rates.

• Depeg risk: if USDe diverges from $1.

• Protocol risk: Ethena contracts and hedging mechanics.

Learn more: Ethena Docs

Pendle Finance (PTs)

What it is Pendle splits yield-bearing assets into two parts:

• PT (Principal Token): redeems 1:1 at expiry.

• YT (Yield Token): claims the yield until expiry.

mStable uses PTs to lock in a fixed yield until maturity.

Why mStable uses it

• Turns floating yield into fixed, predictable returns.

• At PT expiry, bots roll into the next series to keep exposure continuous.

Risks

• PT liquidity can thin out near expiry.

• Slippage during rollover.

• Reliance on Pendle contracts.

Learn more: Pendle Docs

Aave

What it is Aave is a lending market where users can deposit collateral and borrow against it.

Why mStable uses it

• Collateral is deposited into Aave, bots borrow against it, convert back into the collateral asset, and redeposit.

• This looping increases exposure within target leverage limits when profitable.

Risks

• Liquidation: if health factor falls.

• Borrow caps: access is limited when markets fill.

• Oracle risk: Aave price feeds.

Learn more: Aave Docs

Chamber (infrastructure)

What it is Chamber is the asset-management infrastructure mStable is built on. It provides the smart contracts, vault logic, and automation framework that the Stacked Yield product runs on.

Why mStable uses it

• Battle-tested contracts shared with other Chamber-built products such as Toros.

• Modular design that lets the vault plug into supported yield markets.

• Non-custodial, permissioned automation layer for bots.

Risks

• Smart contract dependency.

Learn more: Chamber Docs