UsersLiquidity providers

For Liquidity Providers

This page is for:

  • funds
  • DAOs
  • yield-focused individuals,

who want to deploy capital into revenue-backed yield rather than only trading tokens.

What you hold when you hold attnUSD

attnUSD is a USD-denominated share backed by:

  • a basket of stablecoins (USDC, USDT, USDe, USDC+),
  • revenue-backed advances and loans to:
    • apps
    • creators
    • DAOs
    • other revenue-generating onchain businesses.

You deposit stables and receive attnUSD. Over time:

  • as loans amortise and revenue products pay in (or default),
  • the vault’s value moves,
  • and attnUSD tracks that value.

It is not a pure 1:1 stablecoin:

  • it can trade above or below 1,
  • depending on performance and losses.

Where your yield comes from

Yield comes from:

  • interest and revenues on revenue advances,
  • spreads on revenue-backed credit lines,
  • where applicable, underlying base yield on pledged assets (e.g. if pledged revenues are held in staked SOL or yield-bearing stablecoins),
  • economics shared from more complex products (e.g. hybrid vesting + revenue structures).

It does not come from:

  • pure token emissions without underlying business,
  • hidden leverage on unrelated risky assets (unless explicitly disclosed).

What risks you take

High-level risks include:

  • Credit risk – some projects will underperform or default.
  • Stablecoin risk – any basket asset can be impaired.
  • Concentration risk – poor diversification can make one failure more painful.
  • Operational and program risk – Solana, programs, keepers, or routes can fail.

The detailed mechanics live in:

The key point:

You are explicitly buying revenue-backed credit risk (plus, in some cases, underlying base yield) in exchange for returns.

This is different from assuming you always get 1:1 back in any circumstance.

Example scenarios

Example – Steady performance
  • Vault TVL: $40M in stables and revenue loans.
  • Over a year:
    • revenue products make ~8% net yield after losses,
    • operations and costs absorb 2%.

Result:

  • net ~6% yield flows into the vault,
  • NAV per share increases from 1.00 to ~1.06,
  • your attnUSD position tracks that appreciation.
Example – One large default
  • One large project, representing 10% of the revenue book, fails badly.
  • Recovery is only 20% of principal on that slice.

Effect:

  • ~8% hit to the vault NAV from that position,
  • partially offset if other positions perform well,
  • NAV per share could dip from 1.06 to ~0.99, for example.

The exact numbers depend on diversification, reserves, and how the rest of the book performs.

How you can participate

You can choose how far you go down the stack:

  1. attnUSD only

    • treat it as a diversified revenue-backed yield position.

  2. PT/YT and structured products (later phases)

    • buy specific revenue bonds,
    • buy or sell specific revenue slices,
    • provide liquidity in PT/USDC pools, etc.

The first phase of the protocol is designed so you mainly need to understand:

  • what backs attnUSD,
  • what the yield is,
  • how defaults and losses are handled.

The detailed mechanics live in:

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