Staked YUSD
SYUSD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
SYUSD (Staked YUSD) is an ERC-4626 yield-bearing vault token for the Aegis protocol on Ethereum, designed to capture funding-rate yield from delta-neutral Bitcoin positions custodied via Copper.co ClearLoop. Across all dimensions, the asset presents severe structural and operational risks. Active development is essentially stalled, with no public updates since an April 2025 private audit. Community support is negligible, featuring only ~172 on-chain holders, an extreme 96.93% supply concentration among the top 5 holders, and no active social or governance footprint. Tokenomics and market viability are highly impaired by near-zero secondary trading liquidity ($12.98 in 24h volume) and the risk of negative yield streams (Pendle implied APYs down to -0.79%). Furthermore, the team remains anonymous with centralized custody and governance controls. On security, no historical exploits or depeg events have occurred, but the sole private audit revealed an unconfirmed high-severity DoS vulnerability. The overall score is calculated directly from the weighted average of the section evaluations (Active Development: 2.0, Community Support: 1.0, Tokenomics: 4.0, Market and Use Case: 3.0, Team and Governance: 2.5, Security and Audit History: 5.0).
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Staked YUSD (SYUSD)
SYUSD (Staked YUSD) is an ERC-4626 yield-bearing vault token issued by the Aegis protocol on the Ethereum blockchain. The token represents staked YUSD designed to capture yield from a delta-neutral Bitcoin strategy, which pairs spot Bitcoin holdings with short COIN-M futures positions. The underlying assets and hedging operations rely on off-exchange settlement and centralized custody handled through Copper.co ClearLoop.
The token features a demand-driven supply model without artificial emissions, with circulating supply estimates ranging between approximately 11.4 million and 14.9 million tokens. The yield generated by SYUSD is directly dependent on Bitcoin perpetual funding rates, introducing the risk of negative yield periods, which has been reflected in derivative markets such as Pendle with negative implied APYs. Market activity is constrained, characterized by near-zero secondary trading volume and an extremely small holder base where the top five addresses control over 96% of the total supply.
Governance and administrative controls remain centralized, managed by an anonymous development team without a decentralized autonomous organization (DAO) or on-chain voting mechanisms. Active development on the protocol has stalled, with no public updates following an April 2025 private security audit conducted by 0xSimao with Sherlock. While the protocol has recorded no historical hacks, exploits, or depeg events, the 2025 audit surfaced a high-severity denial-of-service vulnerability and two low-severity issues with unconfirmed remediation status.