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Blend coordinates capital across a curated set of underlying venues to target stable, risk‑adjusted returns while preserving self‑custody.

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Strategy Sets

  • USX (USDC): Diversified set combining base yield (treasury‑style, stables) with delta‑neutral components on established protocols
  • Additional sets (e.g., BTC‑aligned) may be offered depending on chain support and curator policy

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Objectives

  • Maintain high liquidity and transparency
  • Balance base yield and controlled, hedged exposures
  • Respect risk caps, slippage limits, utilization and LTV constraints

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Policy Reference (USX)

The USX strategy set typically includes components such as:
  • Treasury‑style / stablecoin base yield venues
  • Lending and market‑making legs via established DeFi protocols
  • Incentive capture where available (ecosystem/program incentives)
Allocations are periodically re‑evaluated by the engine subject to configured constraints and on‑chain safeguards. Rebalancing only occurs when expected benefit exceeds costs. See architecture/rebalancing.
This page is an overview. For the design principles behind allocation decisions, see strategy/optimization-framework. For formulas and constraints, see strategy/mathematical-models.

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Delta-Neutral Strategies

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Core idea

  • Long collateral qC and short debt B in base asset A.
  • Neutral when Δ = qC − B ≈ 0 and dSB/dSA ≈ 1.

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Leverage

ℓ = F/(F − B) = 1/(1 − LTV)

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Concrete Example: BTC Strategy

To make this tangible, here is a sample allocation for a BTC-denominated vault targeting a net APY of ~10%:
  • 50% → stBTC Staking (BTX) – 8.4% APY
  • 20% → pBTC Deposits (Morpho) – 3.0% APY
  • 10% → LP on GMX – 8.7% APY
  • 20% → Looping via Dolomite – 25% APY
This is an illustrative example. The allocator engine dynamically adjusts these weights based on real-time market conditions, risk parameters, and your selected profile.

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Execution Sequence