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What it does

Tokenized real-world assets on Stellar, such as Etherfuse stablebonds (CETES, USTRY, TESOURO) and Ondo USDY, are value-accruing tokens: your balance never grows, the price of each token rises as the underlying bond accrues interest, and the yield is realized the moment you sell. This strategy turns that price appreciation into vault yield. Each deployment wraps one bond token:
  1. The vault deposits USDC into the strategy.
  2. The strategy swaps the USDC for the bond token on the Aquarius AMM and holds it.
  3. On withdrawal, it sells just enough of the bond token back to USDC and returns it.
The USDC that comes out is worth more than the USDC that went in, and that realized difference is the yield. The round trip through USDC is deliberate: a vault measures yield as balance growth, and a held bond token’s balance never grows. Realizing the appreciation in USDC is what makes the yield visible to the vault, and to your users. There is no reward token and nothing to claim. Harvest only publishes an on-chain price datapoint that APY indexers read; it never moves funds.

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Which assets it supports

The contract is parameterized: any value-accruing token can be wrapped, as long as it has a price oracle and enough liquidity on Aquarius. Today that means the Etherfuse stablebonds and Ondo USDY.

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Limits

The strategy’s capacity is not set by the bond itself but by its secondary market. Every deposit and every withdrawal is a swap through the token’s Aquarius pool, so the pool’s liquidity depth is the ceiling:
  • Per-deposit cap. Each deposit is capped so a single swap cannot move the pool’s price against the vault’s own depositors.
  • Total value cap. The strategy also caps how much it holds overall, which bounds how much of the pool’s liquidity the strategy depends on for its exit.
  • Slippage. Large withdrawals trade against whatever liquidity the pool has at that moment and pay the corresponding price impact.
Both caps are set per deployment and sized to the pool. As Aquarius liquidity for a bond deepens, the caps can be raised.

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Price safety

The held bond is valued from two independent sources: a price oracle and a live Aquarius quote. The strategy uses the more conservative of the two, and if they disagree beyond a set tolerance, or the oracle data is stale, the operation reverts instead of proceeding on a price that may have been manipulated. A deposit or balance read failing temporarily is the protection working, not a malfunction; it clears when prices realign. Two more properties worth knowing:
  • Deposits are restricted to approved DeFindex vaults and can be paused. Withdrawals are never restricted and never paused: a vault can always exit its position.
  • The strategy runs on mainnet only, since Aquarius has no testnet deployment.

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Deployed instances

One contract per bond token, all running the same code. Addresses are on Contract Deployments.