USDG/USD1 Multiply

KaminoStable LoopPoints

7.46%

Current APY

—

7D avg

-6.16%

30D avg

$1.0B

Total deposited

$11K

Available

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Strategy overview

This Kamino Multiply strategy uses USDG as collateral to borrow USD1, then converts the borrowed USD1 into more USDG. The loop can amplify USDG yield, but it also increases liquidation risk.

Net APY by leverage over time. net = supply × leverage − borrow × (leverage − 1).

Elevated risk · Grade D

59/100

Uses borrowed money, which magnifies losses — up to 5x leverage (liquidation at 90% LTV).
Control over the protocol's code matters — upgradeable behind a multisig (threshold undisclosed).
USD1 has slipped off its target price before — that history is priced in here.

Strategy

risk 74/100

Strategy type80
Leveraged loop
Leverage90
Up to 5x leverage (liquidation at 90% LTV).
Yield source85
Yield comes from a leveraged position.
Pool usage0
61% of supplied liquidity is borrowed.
Pool size0
~$1.0B pool.
Lock-up & yield stability40
30d APR volatility 22.9pp.

What can go wrong

Liquidation: if your loan-to-value rises above 90%, the position is liquidated and you can lose collateral. Higher leverage sits closer to this line.
Depeg: if USD1 loses its peg, your effective LTV can spike and trigger liquidation even without a price drop in USDG.
Rate risk: the loop is only profitable while the USDG supply yield stays above the USD1 borrow cost — that spread can compress or turn negative.

The assets

risk 31/100

What your deposit is held in, and how steady its value is.

USDG

Backing model10
USDG: fiat-backed.
Peg history5
USDG: worst recorded peg deviation informs this score (2 recorded event(s)).
Issuer size8
USDG: ~$3.1B market cap.
Exit liquidity4
USDG: ~$34.7M DEX depth.
Token age32
USDG: live since 2024.
Freeze authority35
USDG: issuer can freeze token accounts.

These rows show USDG. The overall score counts the weaker token on each measure.

About USDG

Each asset in this position — what it is, how reliable it is, and any past depegs.

USDGGlobal DollarStablecoinCollateral

Low Risk

By Paxos. Regulated dollar stablecoin issued by Paxos (Global Dollar Network), backed by cash and short-term US Treasuries. · Live since 2024

·Worst deviation from $1 peg: 0.16% (tracked window).
·Held its peg 100.0% of the time.

Peg adherence (7d): 100.0%Worst deviation (7d): 0.066%DEX liquidity: $34.7M

Audited: Yes — Attestations

Past depeg events

▼ $1.65 · 2025-01-30 — 65.44% above peg, recovered source
▼ $1.30 · 2025-01-30 — 29.61% above peg, recovered source

Show all 5

▼ $0.93 · 2025-02-28 — 6.80% below peg, recovered source
▼ $1.05 · 2024-11-21 — 5.38% above peg, recovered source
▼ $1.05 · 2024-11-27 — 4.99% above peg, recovered source

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Token notes & warnings

Permanent delegate — This token's owner has the ability to control this token, even if it is in your wallet
Freezable — The authority's owner has the ability to freeze your token account, preventing you from further trading
Mutable transfer fees — This token's transfer fees can be updated by the owner
Mintable — The authority's owner has the ability to mint more tokens

Who runs it

Kamino X Docs DefiLlama

risk 23/100

The team and protocol behind this, and their track record.

Supplies your deposit into Kamino's lending reserves or automated vaults, where it earns interest from borrowers. Multiply positions loop your collateral against borrowed assets to amplify yield.

Admin controls45
Upgradeable behind a multisig (threshold undisclosed).
Exploit history0
No known exploits.
Track record0
Live for ~50 months.
Price feeds35
Single robust price feed (Scope).
Scale0
$1.3B TVL — battle-tested at scale.
Safety reserves · no data40
No disclosed treasury/insurance backstop.
Bug bounty0
Live bug bounty up to $1.5M.
Audits0
Audited (OtterSec, Sec3, Offside Labs, Certora, Ackee Blockchain).

How we rate risk

Stablecoin strategies get a 0–100 risk score (lower is safer) built from three areas — Protocol (audits, incident history, track record and admin controls), Strategy (leverage, lock-ups, pool size and yield source) and Asset (the token's peg record, backing, and exit liquidity) — weighted by strategy type — and the weakest area can push the overall number higher (riskier) on its own. The score maps to a grade: A ≤ 22, B ≤ 35, C ≤ 50, D ≤ 70, E above. Grades compare opportunities within our stablecoin catalog — an A is the strongest thing we list (blue-chip stablecoin lending), not a promise of safety. Live events (an active depeg, a reported exploit, a sharp deposit outflow) override the score immediately. Where we lack data, the factor says so and scores cautiously. Non-stablecoin opportunities are not rated. A comparison aid, not advice.

Risk levels are Akashi's own assessment to help you compare opportunities — not financial advice or a safety guarantee. Every DeFi position carries smart-contract and market risk.

Non-custodial · Akashi never holds your funds