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145 lines
6.8 KiB
TeX
145 lines
6.8 KiB
TeX
\section{Yield Strategy Interface}
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\label{sec:strategies}
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% ============================================================
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\subsection{Interface Definition}
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Every yield source implements the \texttt{IYieldStrategy} interface:
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\begin{lstlisting}[language=Solidity,caption=IYieldStrategy interface]
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interface IYieldStrategy {
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function deposit(uint256 amount)
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external returns (uint256 shares);
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function withdraw(uint256 shares)
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external returns (uint256 assets);
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function totalAssets()
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external view returns (uint256);
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function currentAPY()
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external view returns (uint256);
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function harvest()
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external returns (uint256 harvested);
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function isActive()
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external view returns (bool);
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function riskTier()
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external view returns (uint8);
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}
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\end{lstlisting}
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\begin{definition}[Strategy Properties]
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A compliant strategy satisfies:
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\begin{enumerate}[nosep]
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\item \textbf{Idempotent harvest}: Calling \texttt{harvest()} twice in succession yields zero on the second call.
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\item \textbf{Withdrawal guarantee}: \texttt{withdraw(s)} returns at least \texttt{convertToAssets(s) - slippageTolerance} assets.
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\item \textbf{Accounting accuracy}: $|\texttt{totalAssets()} - A_{\text{actual}}| \leq \epsilon$ where $\epsilon$ is bounded by oracle precision.
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\item \textbf{Risk classification}: \texttt{riskTier()} returns a value in $\{1, 2, 3\}$ corresponding to low, medium, or high risk.
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\end{enumerate}
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\end{definition}
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\subsection{Strategy Taxonomy}\label{sec:taxonomy}
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Table~\ref{tab:full_strategies} enumerates all 29 deployed strategies across 9 categories.
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\begin{table*}[t]
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\centering
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\small
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\caption{Complete yield strategy taxonomy: 29 strategies across 9 categories. APY ranges reflect Q1 2025 observed rates. Risk tiers: T1 = low (blue-chip, audited, \$1B+ TVL), T2 = medium (established, \$100M+ TVL), T3 = high (newer protocols, higher yield, elevated risk).}
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\label{tab:full_strategies}
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\begin{tabular}{@{}rllllrr@{}}
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\toprule
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\textbf{\#} & \textbf{Category} & \textbf{Protocol} & \textbf{Underlying} & \textbf{Mechanism} & \textbf{APY (\%)} & \textbf{Tier} \\
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\midrule
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\multicolumn{7}{l}{\textit{Liquid Staking}} \\
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1 & Liquid Staking & Lido & ETH & Validator staking, stETH issuance & 3.2--3.8 & T1 \\
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2 & Liquid Staking & Rocket Pool & ETH & Permissionless validators, rETH & 3.0--3.5 & T1 \\
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\midrule
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\multicolumn{7}{l}{\textit{Restaking}} \\
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3 & Restaking & EigenLayer & ETH/stETH & AVS security, restaking rewards & 3.5--6.0 & T2 \\
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4 & Restaking & Symbiotic & ETH/stETH & Flexible restaking, multi-asset & 3.0--5.5 & T2 \\
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5 & Restaking & Karak & ETH/stETH & DSS restaking, risk isolation & 3.0--5.0 & T2 \\
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\midrule
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\multicolumn{7}{l}{\textit{Lending}} \\
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6 & Lending & Aave V3 & ETH/USDC/USDT & Variable-rate lending pools & 2.0--8.0 & T1 \\
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7 & Lending & Compound V3 & ETH/USDC & Isolated lending markets & 2.5--7.0 & T1 \\
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8 & Lending & Morpho & ETH/USDC & Peer-to-peer rate optimization & 3.0--9.0 & T2 \\
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9 & Lending & Euler V2 & Multi-asset & Modular lending, custom vaults & 3.5--10.0 & T2 \\
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10 & Lending & Spark & DAI/ETH & MakerDAO-native lending & 4.0--8.0 & T1 \\
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11 & Lending & Fluid & ETH/USDC & Unified liquidity layer & 3.0--12.0 & T2 \\
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\midrule
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\multicolumn{7}{l}{\textit{Stablecoin Yield}} \\
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12 & Stablecoin & MakerDAO/Sky & DAI & DSR + Sky savings rate & 5.0--8.0 & T1 \\
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13 & Stablecoin & Ethena & USDe & Basis trade (spot + short perp) & 8.0--15.0 & T3 \\
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14 & Stablecoin & Frax & FRAX & AMO yield + staking & 4.0--7.0 & T2 \\
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\midrule
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\multicolumn{7}{l}{\textit{LP / DEX}} \\
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15 & LP/DEX & Curve & Stablecoins & StableSwap AMM LP fees & 5.0--12.0 & T1 \\
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16 & LP/DEX & Convex & CRV/CVX & Boosted Curve LP + CVX rewards & 8.0--18.0 & T2 \\
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17 & LP/DEX & Pendle & PT/YT & Yield tokenization, fixed-rate & 5.0--20.0 & T2 \\
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18 & LP/DEX & L2 DEX Aggregate & Multi-asset & Concentrated liquidity on L2s & 6.0--15.0 & T2 \\
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\midrule
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\multicolumn{7}{l}{\textit{Bitcoin Native}} \\
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19 & BTC Native & Babylon & BTC & BTC staking for PoS security & 3.0--5.0 & T2 \\
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20 & BTC Native & Lombard & BTC & LBTC liquid staking derivative & 3.5--6.0 & T2 \\
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21 & BTC Native & SolvBTC & BTC & BTC yield aggregation vaults & 4.0--8.0 & T3 \\
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22 & BTC Native & CoreDAO & BTC & Dual staking (BTC + CORE) & 3.0--12.0 & T2 \\
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\midrule
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\multicolumn{7}{l}{\textit{Solana}} \\
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23 & Solana & Marinade & SOL & mSOL liquid staking & 5.0--7.0 & T1 \\
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24 & Solana & Jito & SOL & JitoSOL + MEV rewards & 6.0--8.0 & T2 \\
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25 & Solana & Kamino & SOL/USDC & Concentrated liquidity vaults & 5.0--10.0 & T2 \\
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\midrule
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\multicolumn{7}{l}{\textit{TON}} \\
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26 & TON & Tonstakers & TON & tsTON liquid staking & 5.0--7.0 & T2 \\
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27 & TON & Bemo & TON & stTON liquid staking & 5.0--7.0 & T2 \\
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28 & TON & STON.fi & TON/USDT & DEX LP on TON & 8.0--15.0 & T3 \\
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\midrule
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\multicolumn{7}{l}{\textit{Perpetuals}} \\
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29 & Perps & LPX Perps & Multi-asset & LP vault earns trading fees & 10.0--30.0 & T3 \\
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\bottomrule
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\end{tabular}
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\end{table*}
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\subsection{Yield Composition}\label{sec:composition}
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Bridge token holders earn layered yield from multiple simultaneous sources. We formalize this as additive yield composition:
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\begin{definition}[Yield Composition]
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For a yield-bearing bridge token $yLA$, the total APY is:
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\begin{equation}\label{eq:yield_composition}
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r_{\text{total}} = r_{\text{base}} + r_{\text{restaking}} + r_{\text{bridge}} + r_{\text{DeFi}}
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\end{equation}
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where:
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\begin{itemize}[nosep]
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\item $r_{\text{base}}$: primary yield source (staking, lending, LP)
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\item $r_{\text{restaking}}$: additional yield from restaking derivatives
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\item $r_{\text{bridge}}$: share of Teleport bridge fees via xLUX
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\item $r_{\text{DeFi}}$: yield from using yLA as collateral/LP on destination chain
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\end{itemize}
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\end{definition}
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\begin{remark}
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The DeFi layer ($r_{\text{DeFi}}$) is not part of the vault's backing---it is additional yield earned by the token holder through their own DeFi participation on the destination chain. The vault only manages $r_{\text{base}} + r_{\text{restaking}}$, and $r_{\text{bridge}}$ flows through the xLUX staking mechanism.
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\end{remark}
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Table~\ref{tab:yield_composition} illustrates the yield stack for three representative bridge tokens.
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\begin{table}[h]
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\centering
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\small
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\caption{Yield composition for representative bridge tokens. Rates are Q1 2025 observed medians.}
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\label{tab:yield_composition}
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\begin{tabular}{@{}lrrr@{}}
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\toprule
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\textbf{Layer} & \textbf{yLETH} & \textbf{yLBTC} & \textbf{yLUSD} \\
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\midrule
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Base yield & 3.5\% & 4.5\% & 6.0\% \\
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Restaking & 2.0\% & 2.0\% & --- \\
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Bridge fees (xLUX) & 1.0\% & 1.0\% & 1.0\% \\
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DeFi on Lux & 5--15\% & 5--15\% & 5--12\% \\
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\midrule
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\textbf{Total range} & \textbf{11.5--21.5\%} & \textbf{12.5--22.5\%} & \textbf{12.0--19.0\%} \\
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\bottomrule
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\end{tabular}
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\end{table}
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% ============================================================
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