A further 13,588.75 vlCVX has been added to the War Chest, bringing Asymmetry’s total productive asset power to 43,880.65 vlCVX.

This latest addition is a direct result of two positives: the ongoing revenue generated by afCVX’s continued performance, and an OTC purchase of opASF conducted at market-rate. Both pathways continue to demonstrate the compounding strength of Asymmetry’s long-term capital strategy.

For transparency: Asymmetry’s War Chest (POL) can always be tracked here: https://debank.com/profile/0xce352181c0f0350f1687e1a44c45bc9d96ee738b

Why Growing POL Matters — Especially Now

Owning liquidity rather than renting it is one of the most important strategic moves any DeFi protocol can make — and doing so during bearish market conditions is precisely when it matters most.

Protocols that rely on mercenary capital to sustain their liquidity discover its true cost when the market turns, as we’ve seen recently. Emissions spike. TVL evaporates. Incentive budgets are drained trying to hold a leaking bucket together.

Asymmetry’s approach is to strengthen to grow more sustainably for the future.

Every vlCVX added to the War Chest is a permanent vote — a durable, productive asset that allows Asymmetry to direct incentives for USDaf and afCVX indefinitely, without relying on external bribe markets or unsustainable token inflation. The protocol doesn’t beg for liquidity. It owns the machinery that produces it.

Already at 43,880.65 vlCVX, Asymmetry’s War Chest becomes a meaningful force in the Convex ecosystem — and it continues to grow. It’s a compounding flywheel, and each addition strengthens the next.

The protocols that survive bear markets are not those with the most hype — they’re the ones that quietly accumulate productive assets and strengthen their protective layers.

Where Did the Capital Come From?

Two sources contributed to this latest expansion:

1. Continued afCVX expansion and performance: afCVX, Asymmetry’s auto-compounding CVX wrapper, continues to grow its TVL and generate performance fee revenue. As previously directed by Governance, a portion of these fees is systematically redirected toward POL purchases — turning product performance directly into protocol-owned productive power.

2. An OTC purchase of opASF at market-rate: A significant holder seeking to deepen their position in the Asymmetry ecosystem by acquiring opASF outside of the existing Curve LP, conducting the transaction over-the-counter at market-rate. The capital from this purchase flowed directly into the War Chest and has been deployed as additional vlCVX.

Why Was the opASF Purchase Conducted OTC Rather Than Via the Curve LP?

Two reasons, both of which demonstrate considered, protocol-first thinking:

• Liquidity protection: The existing route to purchase opASF via the opASF/ASF market has thin liquidity relative to the size of the purchase desired — OTC protects the balance of this LP for all other users.
• Capital efficiency for the DAO: The OTC purchase value goes straight to the ‘War Chest’ of Protocol Owned Liquidity for the Asymmetry DAO — This has been used to purchase additional vlCVX: Further supporting Asym’s capacity to sustainably continue bribes for USDaf and afCVX into perpetuity as a result. A no-brainer for the protocol.

TL;DR

Another 13,588.75 vlCVX added. Total War Chest now stands at 43,880.65 vlCVX. Capital sourced from afCVX performance fees and an OTC opASF purchase — both of which protect the protocol’s existing liquidity while compounding its long-term productive power.

Asymmetry are huge believers in the power of the Convex ecosystem. As a reminder, at 2025 $CVX highs, the War Chest would already have a value of $270,000+, and at 2024 $CVX highs, a current value of $350,000+. Asymmetry holds a long-term vision of CVX, and the vlCVX stack will continue to grow thanks to afCVX’s performance fee and continued performance of the beloved product.

Stay up to date with announcements on Asymmetry’s X (Twitter) and Asymmetry’s Discord.

Announcing the continued purchases of productive Protocol Owned Liquidity assets.

10,500 vlCVX has been added to the War Chest, that’ll be used to vote and sustainably direct incentives for Asymmetry products into perpetuity — a forward-thinking move to further reduce token emissions and grow the Asymmetry protocol toward long-term sustainability.

This now expands the total asset power in Asymmetry’s War Chest to 24,401.78 vlCVX.

For transparency: Asymmetry’s War Chest (POL) can be tracked here: https://debank.com/profile/0xce352181c0f0350f1687e1a44c45bc9d96ee738b

Where Did the Capital Come From?

Asymmetry’s Governance, i.e. the community holding veASF, held two voting rounds. Firstly, voting to enact a 10% performance fee on afCVX, Asymmetry’s long-standing auto-compounding Convex (CVX wrapper), voting to redirect the new revenue generated from this fee, minus a provision for operating costs, toward continuing POL purchases for the protocol.

Vote 1: https://snapshot.box/#/s:asymmetryfin.eth/proposal/0x68c8971da3a3207f1bf855f668fb67960ce07a3b2c3a555368d372a8d63086b4

Vote 2 — Enacting the vote into action: https://snapshot.box/#/s:asymmetryfin.eth/proposal/0xd0d5ddb4a5d16743c1c8f6f5ad5e00c11ffeeefe2af317751d22886d2753c344

What’s next in Governance?

USDaf has concluded its first round of voting on how to direct its revenues. Option 5 was the landslide favorite option amongst veASF Governance voters: This option consists of both Option 1 and Option 4, to direct a portion of the revenues to veASF holders and to continue USDaf incentives to attract new capital. Governance discussions continue at https://gov.asymmetry.finance/ and in the ‘Governance’ channel of Asymmetry’s Discord to determine a split between these two options to reach consensus and be voted ‘Yes, No, Abstain’ for the final vote.

USDaf vote 1: https://snapshot.box/#/s:asymmetryfin.eth/proposal/0x62f67a88c5ad90187d77b03cfce241042b64082b6f043c2f30feecb5fd3167fe

How does opASF benefit the user?

For those looking to get their hands on earning opASF, here’s a reminder of how it works:

Two steps:

First, opASF can be distributed as a reward for incentive programs (e.g. opASF is currently rewarded for Euler depositors). Alternatively, opASF can be bought in the open market, often at a heavily discounted rate to $ASF. (As seen above, via https://www.curve.finance/dex/ethereum/pools/factory-twocrypto-237/deposit)

Secondly, the user can redeem their opASF for $ASF by choosing their desired unlock time (correlated to discount), and use USDaf to complete the purchase, the user will receive their ASF at net discount after their lock period. Allowing users to effectively ‘go long’ on $ASF, at their chosen discount/timeframe. In addition, users receive veASF to immediately participate in Governance, and Bonus Gems. https://www.asymmetry.finance/opasf

Asymmetry produced a video Walkthrough Guide of the opASF process: https://youtu.be/bE10nwUBRm0

How can I earn opASF?

The current ways to earn opASF are:

• Users with vlCVX or veCRV can earn opASF by voting for the USDaf/scrvUSD or DeFi Savings Avengers LP’s

How does opASF benefit the protocol?

opASF is Asymmetry’s reward derivative, modeled after Euler’s massively successful rEUL campaign and is designed to build the Asymmetry ‘War Chest’, aka Protocol Owned Liquidity of productive + revenue generating assets. These assets allow Asymmetry to own and sustainably support its ecosystem into perpetuity, rather than renting liquidity.

In other words, the capital generated from opASF, and now afCVX’s performance fees, goes directly into effective assets that support Asymmetry products for long-term sustainability. It is a forward-thinking move to reduce token emissions and grow the Asymmetry protocol toward long-term sustainability, a move that many short-sighted protocols fail to make before it’s too late.

Bottom Line

Thanks to two pathways, long-term-minded Governance decisions and opASF, the protocol benefits by turning user participation into perpetual, productive value for Asymmetry’s ecosystem. Stay tuned for more updates on how to earn opASF, and join the conversation in our governance channels at https://gov.asymmetry.finance.

What is sUSDaf?

sUSDaf (Staked USDaf) is the easiest way to earn on your USDaf in one click — Built in partnership with Yearn Finance, an ERC-4626 “vault” built on Yearn v3: Deposit USDaf and receive sUSDaf in return, and it does the rest.

sUSDaf offers:

• Real Sustainable Yield
• No Lockups
• Hands-free
• Immutable & Decentralized
• Auto-compounding
• Battle-tested Yearn v3 code

Anyone, big or small, can get in on this yield.

sUSDaf is one of the simplest and highest-yielding stablecoin options in the market right now.

How sUSDaf Yield Works

The ancient CT proverb: “If you don’t know where the yield comes from, you are the yield”

So let’s break it down:

When a user borrows against their BTC or Stablecoins to receive USDaf, they choose their own fixed interest rate/fee for the loan.

75% of that fee is paid into the Stability Pool(s). The remaining 25% goes to the Asymmetry Protocol treasury (for ASF governance/distribution, see below).

Stability Pool depositors earn from two sources: interest payments (USDaf fees) and liquidation bonuses if needed (collateral).

sUSDaf, by depositing USDaf optimally into all stability pools, captures a share of this yield. sUSDaf’s vault logic automatically rebalances and compounds your USDaf hourly across the 6 pools, so you don’t have to juggle each collateral pool manually. Because it uses Yearn’s audited vaults, sUSDaf is secured by battle-tested infrastructure that already secures hundreds of millions in TVL.

The more USDaf borrowed, the higher the pool yields become. Importantly, all yield is real — there are no inflationary token emissions here. All the yield is fully sustainable, scalable and ‘real’, with no governance token emissions and lockups.

In effect, as long as USDaf loans generate interest or face liquidation, those gains accrue to sUSDaf too.

sUSDaf gives one-click, fully on-chain, transparent yield on USDaf, hands-free.

Why is Yield So High Right Now?

sUSDaf’s APY has been exceptionally high recently. Many traders have been “looping” or “leveraging” their USDaf positions, repeatedly borrowing USDaf against collateral and redepositing it. This generates additional fees as positions are opened and more collateral is deposited. At the same time, many USDaf holders have been chasing other high-yield strategies (e.g. USDaf/scrvUSD pools on Curve or Pendle fixed-yield products). This dynamic means fewer people share the Stability Pool reward pie, further boosting per-holder APY. The result is that sUSDaf’s yield has been extremely juicy. Over time, as more users deposit USDaf into the pools and new liquidity arrives, the rate may equalize. Even so, it’s expected to remain a very attractive APY at scale.

sUSDaf has produced 13.70% APY for the last 7 days, and 10.38% for the last 30 days — Ranking it #1 on the same timeframes vs. the entire yield-bearing stablecoin market. (Data from stableyields.info).

How-to-Guide

Seen enough and want a piece of the action? It couldn’t be easier.

You first need USDaf, to deposit them into the sUSDaf vault:

Simple mode: You can buy USDaf on a DEX (for example, swap USDC → USDaf on CoW Swap).

Alternatively, mint (borrow) USDaf on the Asymmetry platform by depositing accepted collateral (such as wBTC, tBTC or any of the yield-bearing stables) and choosing your fixed interest rate to receive USDaf. How-to-video: https://youtu.be/31c_PEgEm6Y?si=YacKSgqCmUhB0Ldm

1. Deposit into sUSDaf: Now that you have USDaf, go to the USDaf “Earn” page (usdaf.asymmetry.finance/earn) and stake your USDaf in the sUSDaf vault. You’ll receive sUSDaf tokens in return, which start earning yield immediately. The process is permissionless and fee-free — deposit or withdraw any time (no lockups) — so your USDaf is always working for you.
2. Job Done! After depositing, the vault auto-compounds your USDaf into more USDaf and automatically allocates into the Stability Pools.

You can track your accruing position in the Asymmetry Dashboard. There are NO lock-ups. Need to withdraw? It’s as simple as depositing: Over time, your sUSDaf balance grows as it accrues extra USDaf from the pools.

USDaf’s Peg

USDaf is an over-collaterilized stablecoin that intentionally trades just under $1. By design (inherited from Liquity v2), USDaf has a built-in 0.5% redemption fee, so its true peg is $1−0.5% = $0.995. In practice, the market price hovers slightly below $1. For example, during the recent loop-driven rush, USDaf briefly dipped toward ~$0.99. This is temporary: when USDaf falls below $0.995, arbitrage bots and redemptions kick in to restore the peg. (Asymmetry and Yearn have automated “keeper” bots that perform profitable redemptions whenever USDaf is under peg, pushing the price back up).

In short, USDaf’s peg remains robust. The small under-peg is simply the protocol’s built-in fee cushion. Even when the price is ~$0.99 due to loop activity, the system incentivizes stabilizing it back toward $0.995.

How does this benefit $ASF?

$ASF, Asymmetry’s governance token, sits at the heart of the Asymmetry Protocol. Soon, $ASF will allow holders vote on Asymmetry’s future (via vote-escrowed veASF), shaping the direction of the protocol and a say on revenue share of protocol fees, for ALL products, not just USDaf.

In USDaf’s fee model, 25% of all borrowing fees are allocated to the Asymmetry treasury. USDaf has already produced a total of $374k in revenue in just over 3 months from a relatively small TVL. (Note that revenue from afCVX and future Asymmetry products will also be governed by ASF holders too).

As the protocol grows, as does the revenue generated, exponentially.

For now, those funds are being used by the protocol to boost USDaf liquidity and grow: for example, offering incentives for USDaf LPs and Pendle yield programs, which directly attracts more capital. In the future, governance could choose to redistribute protocol fees to ASF/veASF stakers. In effect, ASF holders “own” the revenue wheel: locking ASF (to get veASF) is how you can participate in that portion of the fees, subject to governance decisions.

Bottom line?

sUSDaf is the easiest way to earn USDaf’s high real yield on-chain. By pooling and auto-compounding your USDaf across all Stability Pools, it delivers maximized APY with no gas wrangling or manual strategy. The yield is truly “real” — driven by fees borrowers pay — and fully on-chain and transparent. Whether you’re a DeFi native or just exploring yield-stablecoins, sUSDaf lets you “one-click” your way into USDaf’s ecosystem to earn stable, scalable, decentralized returns.

This article is not financial advice and for informational purposes only. Past performance is not indicative of future returns.

Asymmetry has begun purchasing productive POL assets thanks to opASF

Announcing the first purchases of Productive Protocol Owned Liquidity.

7,503.0915 vlCVX and 6,080 sdPENDLE, both which will be used to vote and sustainably direct incentives for Asymmetry products into perpetuity — a forward-thinking move to reduce token emissions and grow the Asymmetry protocol toward long-term sustainability.

But Where Did the Capital Come From?

In recent days, a handful of users have spotted an opportunity.

These users have been buying opASF on the open market and exercising it as you can see below, showing a few of the tx’s.

In order to exercise, the users have used USDaf to exercise their opASF, generating capital that the protocol can use to purchase productive assets. At the same time, users are locking in discounted ASF for the future.

Compounding Benefits: Second-Order Effects

As a result, there are beneficial second-order effects to this flywheel:

1. opASF Market Price Appreciation: Exercising opASF reduces circulating supply, driving up its secondary market price. As a result, users earning opASF as rewards now hold a token with significantly enhanced value. When the protocol distributes opASF, this translates to higher effective APYs for participants.

2. Long-Term Commitment Incentives: To secure the optimal deal, users are incentivized to exercise and lock for a full 52 weeks. All of the opASF purchased and locked recently has done exactly that, taking that ASF off the market for at least 1 year, and bolstering protocol stability.

Once redeemed, opASF turns into veASF.

For transparency: Asymmetry’s War Chest (POL) can be tracked here: https://debank.com/profile/0xce352181c0f0350f1687e1a44c45bc9d96ee738b

What’s next?

Introducing new ways to earn opASF:

• Minting USDaf with ysyBOLD now earns opASF
• Supplying USDC on Euler will continue to earn opASF
• Users with vlCVX or veCRV can earn opASF by voting for the USDaf/scrvUSD or DeFi Savings Avengers LP’s

How does opASF benefit the user?

For those new to opASF, here’s a reminder of how it works:

Two steps:

First, opASF can be distributed as a reward for incentive programs (e.g. opASF is currently rewarded for Euler depositors). Alternatively, opASF can be bought in the open market, often at a heavily discounted rate to $ASF. (As seen above, via https://www.curve.finance/dex/ethereum/pools/factory-twocrypto-237/deposit)

Secondly, the user can redeem their opASF for $ASF by choosing their desired unlock time (correlated to discount), and use USDaf to complete the purchase, the user will receive their ASF at net discount after their lock period. Allowing users to effectively ‘go long’ on $ASF, at their chosen discount/timeframe. In addition, users receive veASF to immediately participate in Governance, and Bonus Gems. https://www.asymmetry.finance/opasf

Asymmetry produced a video Walkthrough Guide of the opASF process:

How does opASF benefit the protocol?

opASF is Asymmetry’s reward derivative, modeled after Euler’s massively successful rEUL campaign and is designed to build the Asymmetry ‘War Chest’, aka Protocol Owned Liquidity of productive + revenue generating assets. These assets allow Asymmetry to own and sustainably support its ecosystem into perpetuity, rather than renting liquidity.

In other words, the capital generated from opASF goes directly into effective assets that support Asymmetry products for long-term sustainability. It is a forward-thinking move to reduce token emissions and grow the Asymmetry protocol toward long-term sustainability, a move that many short-sighted protocols fail to make before it’s too late.

Bottom Line

This is just the beginning of opASF’s flywheel in action — turning user participation into perpetual, productive value for the Asymmetry ecosystem. Stay tuned for more updates on how to earn opASF, and join the conversation in our governance channels at https://gov.asymmetry.finance.

The Story So Far: Strong Foundations

Just over two weeks since launch, USDaf has already established itself as one of the strongest entrants in the stablecoin space. Built on the battle-tested Liquity v2 codebase, USDaf surged past $10m in TVL within its first week — growing five times faster than its predecessor.

Every stablecoin must prove itself in the open, where only real on-chain demand validates robustness. In just a short time, USDaf has already demonstrated resilience and utility across multiple use cases.

Harder. Better. Faster. Stronger. Immutable.

• Ultimate Bitcoin Borrowing: USDaf, simply put, is the best place to borrow against your Bitcoin. For the first time ever, offering customized fixed interest rates from as little as 0.5%. USDaf offers the best predictability, flexibility and reliability in Bitcoin borrowing in the market. The Asymmetry team intends on executing strategic plans to attract this billion-dollar market of existing under-efficient BTC capital currently borrowed against elsewhere. This task will become increasingly easier over time as USDaf withstands the test of time and continues to show its robust prowess to attract larger capital.
• Home of Multiply: Soon, users will be able to one-click Multiply their yield-bearing stable positions for amplified returns. Some have already tested this manually, successfully stress-testing the peg — which, by design, always reverts in time back to the true peg of $0.995 ($1 — Liquity’s Built-In Redemption fee). More than $915k in redemptions have already been processed (all visible on the USDaf Dune dashboard). The Asymmetry team have gone above and beyond to create a standalone site that’ll launch alongside Multiply. Inspired by the OG ‘Degen Box’ of the previous cycle that catapulted Abracadabra to billions of dollars in TVL. The standalone Multiply site is built with the same viral potential in mind — A simple one-click site for anyone and everyone to onboard easily and Multiply their stable yield.

The Market: Surging Demand for Customized Fixed Rates

USDaf’s rapid growth stems from its customizable fixed interest rates, starting as low as 0.5%. Borrowers set their own terms, fostering a competitive environment that drives costs down — the average rate is just 2.31%, compared to borrowing stables on Aave at over 5%. This makes USDaf ideal for Bitcoin holders or stablecoin users who want to unlock liquidity without selling assets.

Adoption is clear: Whales are committing significant positions, such as one collateralizing 8.7 wBTC to mint $659k USDaf at 2.5%. It’s about more than low rates — it’s user control. Adjust LTV and rates on the fly, transforming borrowing into a tailored strategy.

Metrics reflect this momentum: TVL, loans, mints, interest fees, and holders are all climbing. For BTC owners, USDaf unlocks capital efficiently; for yield seekers, it amplifies returns via collateral looping. The outcome? A stablecoin that’s not only dependable, but already trustworthy to larger-sized early adopters.

High-Yield Opportunities with sUSDaf, Pendle, and the AF Curve Stable LP

Yield yield yield.

sUSDaf, ‘savings USDaf’ auto-compounds your earnings, built on Yearn’s v3 infrastructure. So far, yields have reached 18% and stabilized in the 12–13% range, outperforming many in the market. The beauty lies in the simplicity: deposit, earn, and let auto-compounding do the work. With Pendle integrations offering PTs, YTs and LPs on both USDaf and sUSDaf too. The result? A powerhouse for passive income. It’s real yield, backed by productive assets — no token emissions required.

Yield seekers are also flocking to the AF Curve Stable LP, where real CRV rewards are still clocking in at 25%+ APY even at ~$10m depth. This isn’t propped-up fluff; its genuine yield from Curve’s ecosystem, enhanced by Asymmetry’s integrations. These incentives/bribes aren’t going anywhere — juicy yield for all.

opASF and the War Chest: Asymmetry just launched opASF, a reward‐derivative token designed to feed the protocol’s war chest of revenue‐generating assets. opASF functions like an “in-the-money call option” on ASF: holders can exercise opASF (buying using USDaf) to acquire $ASF at a discount (with a lockup). All proceeds from opASF redemptions will be used to acquire productive assets (vlCVX, vePENDLE, staked LQTY, etc.) that underpin long-term growth. In short, every USDaf used to buy opASF helps build Asymmetry’s protocol-owned treasury. Read more: https://docs.asymmetry.finance/usdasf-asymmetry-finance-token/opasf-options-asf

Teasing What’s Next: Secret BTC Product, Multiply, BASE, and Beyond

USDaf now has strong foundations. This is just the beginning. Asymmetry is also building its ‘Secret BTC product’, teased on recent Discord AMAs, yet another integration that’ll directly drive USDaf’s TVL. Asymmetry’s goal is to bring assets that do not natively earn yield (i.e. BTC) to… earn yield! The mechanics of USDaf that can make this possible. Early discussions with some of Asymmetry’s investors and strategic partners are “pleasantly surprised” with the wide-spread opportunity this yield-bearing BTC product can reach. Stay tuned.

Multiply will elevate USDaf further, allowing seamless position looping in one click. Deposit collateral, borrow USDaf, buy more collateral — rinse and repeat for amplified exposure. With built-in zappers for automation, Multiply supports the yield-bearing stable collaterals, pushing APYs higher on initial positions by multiplying user’s exposure to the underlying asset. User-set rates mean better efficiency than subsidized competitors, all in an immutable, trustless environment.

Integrations are ramping up too: Pendle and Spectra for PT/YT yield trading, and more lending options via Euler. And don’t forget opASF — Asymmetry’s reward derivative, inspired by Euler’s rEUL, designed to build a “War Chest” of protocol-owned liquidity like vlCVX and vePENDLE for sustainable growth. opASF is live and will begin to be offered as a reward incentive very soon.

The Bottom Line

USDaf’s first two weeks has shown a direct product-market fit for early adopters: borrowers are testing the system with their Bitcoin at rock-bottom rates, depositors and LPs are reaping rewards in high yields, and new features are poised to unlock even more demand. Stay tuned for Multiply, Euler, Spectra, opASF in action, and of course Asymmetry’s secret BTC-product — all aimed at Asymmetry’s ever-growing ecosystem and cementing USDaf’s position as a multi-faceted, high-yielding stablecoin in DeFi.

USDaf becomes more and more appealing to whales, treasuries, and institutions as it stands the test of time, a crucial step for all stablecoins. Expect new markets and infrastructure to propel it further as USDaf grows from strength to strength.

Oh, and Hyperliquid and Base expansions are in the works too.

June 19, 2025

Summary

1. The USDaf tBTC collateral branch was automatically shut down due to a Chainlink oracle update (transaction).
2. In response, an emergency withdrawal was initiated from sUSDaf’s tBTC Stability Pool strategy, and a public notice was issued (announcement).
3. To our knowledge, no users were financially impacted.
4. The incident was triggered by the Chainlink tBTC/USD feed updating 12 seconds (1 block) after the maximum staleness threshold.
5. USDaf’s oracle was expected to fall back to Curve’s price feed in such cases.
6. Due to an edge case in staleness logic, the fallback was not triggered.
7. Users were advised to close positions as a precaution.

Background

USDaf uses Chainlink oracles to price collateral. For assets like tBTC, a secondary Curve-based price feed is available as a fallback, intended to be used if:

• The Chainlink price is <= 0
• The update is stale (older than the configured heartbeat, e.g., 24 hours for tBTC)

When a collateral branch is marked as invalid by its oracle, it is automatically shut down. No further collateral can be added or debt drawn.

Root Cause

The immediate cause was Chainlink’s tBTC/USD feed being updated 12 seconds after the staleness threshold elapsed (after 86,412 seconds instead of the expected 86,400). This should have triggered USDaf’s fallback to Curve – but didn’t, due to a subtle mismatch in staleness logic:

• The oracle wrapper contract did not consider the Chainlink update stale if it was exactly 86,400 seconds old.
• The price feed did consider the update stale in that same scenario.

As a result, the price feed returned the stale Chainlink result instead of falling back, and the oracle marked it invalid, causing the automatic shutdown. An arbitrageur likely exploited the exact moment when the timestamp delta reached 86400 to trigger the shutdown.

We later discovered that the same issue also triggered shutdowns in sDAI and sUSDS collateral branches in this transaction. These assets, unlike tBTC, did not have a fallback oracle configured — so the shutdowns could not have been prevented by the same mechanism, regardless of staleness handling.

Remediation Steps

1. All users were advised to unwind USDaf positions.
2. The Asymmetry team is preparing a new, more robust version of USDaf with improved oracles.

Acknowledgments

• UncleReed on Discord for flagging the issue after encountering problems with his trove.
• HHK, Adri and Corn from electisec for their assistance in diagnosing and documenting the incident.
• samczsun and pcaversaccio from SEAL ORG for their rapid response and support.
• The community for their patience and cooperation during resolution.

Appendix

Late tBTC/USD Chainlink update

1. Round 36893488147419103883 → Timestamp: 1750168283

2. Round 36893488147419103884 → Timestamp: 1750254695

3. Elapsed: 86412 seconds (24h + 12s)

The Oracle was updated after 86412 seconds (24 hours + 12 seconds), while Chainlink's docs state it should update every 24 hours.

Chainlink Heartbeat Spec

According to Chainlink’s feed data:

A new answer is written when the off-chain data moves more than the deviation threshold or 86400 seconds have passed since the last answer was written on-chain.

The affected branches of USDaf have all been successfully redeemed, and the system carries no bad debt, nor is there any risk of any accruing at this time. No user funds were lost and the sunset continues to work as planned, anyone yet to withdraw from USDaf is advised to do so.

If any other branches shutdown, they will follow the logic of the Urgent Redemptions built into Liquity v2, detailed here (https://github.com/liquity/bold?tab=readme-ov-file#urgent-redemptions). As the sunset continues, we encourage all users to withdraw at their earliest convenience.

The Asymmetry team is now preparing a new, more robust version of USDaf with improved oracle architecture. USDaf will be back stronger than ever.

Announcements will follow on Asymmetry’s social channels.

It’s time to build the Asymmetry War Chest of Protocol Owned Liquidity.

Introduction

In 2025, when you walk into a store, you’re used to having options lining the shelves. Endless customization, possibilities, and choice.

In 2025, when it comes to Governance Tokens, there’s rarely any variety. It’s like walking into a store and seeing the same box of chips over and over and over… and they’re stale.

Very few of them bring real value to the protocol, users, and ecosystem at large.

Today, opASF changes that.

TL:DR (Summary):

How does opASF benefit the user?

Two steps:

First, opASF can be distributed as a reward for incentive programs (e.g. a new Asymmetry product, or on a new chain). Alternatively, opASF can be bought in the open market, often at a heavily discounted rate to $ASF.

Secondly, the user can redeem their opASF for $ASF by choosing their desired unlock time (correlated to discount), and use USDaf to complete the purchase, the user will receive their ASF at net discount after their lock period. Allowing users to effectively ‘go long’ on $ASF, at their chosen discount/timeframe.

How does opASF benefits the protocol?

opASF is Asymmetry’s reward derivative, modeled after Euler’s massively successful rEUL campaign and is designed to build the Asymmetry ‘War Chest’, aka Protocol Owned Liquidity of productive + revenue generating assets (vlCVX, vePENDLE, staked LQTY) that allows Asymmetry to own and sustainably support its ecosystem into perpetuity, rather than renting liquidity.

In other words, the capital generated from opASF goes directly into effective assets that support Asymmtery products for long-term sustainablity (e.g. yield incentives for the AF Curve Stable LP, beneficial for looping USDaf).

The Problem: Bribing is a profitable opportunity, at what cost?

In DeFi today, protocols use their governance tokens to incentivize certain behavior, often with the objective to increase financial upside if users stake/mint/deposit on their platform.

But at what cost?

It’s a cat and mouse game. The protocol must allocate tokens to try and grow faster than the cost of the incentive program itself, then pray that the users that have deposited actually like the product and stick around, even after the additional incentives have dried up.

However, time and time again, it is clear that this model is ineffective for the majority of protocols. Marc Boiron, CEO of Polygon, wrote a piece in CoinTelegraph here. Rampant liquidity mining attracts mercenary capital, all while destroying token ecosystems. Simply put, that’s not sustainable.

There are a number of big name examples of this. Huge incentives to start out that attract a ton of capital. Then as the incentives fade, so does the capital. One big L1 example of this is Blast, shown below. There was no additional marginal utility that Blast brought beyond it being a place to farm, so the TVL faded as the incentives faded.

Specifically within the liquidity-rich Curve and Convex ecosystems, there are incentives (aka ‘bribes’). veCRV and vlCVX holders who do not have an allegiance to a specific protocol can instead ‘rent out’ their votes to the highest bidder, with great effect, averaging 20%+ paid out to vlCVX holders even through the deepest of bear markets — Users that’ve deposited into Asymmetry’s afCVX already know this game quite well.

Bribing is a game played by protocols, all trying to grow liquidity on Curve, where all stablecoin roads lead to. In addition, bribing is often more efficient than just emitting tokens to users, as often more than $1 of CRV emissions are directed towards a given per $1 of token value.

In the last Curve round (98), protocols received $1.77 (!) in incentives for every $1 spent, as shown on Votemarket below.

Yes, you read that right. A 77% boost for bribing through the Curve ecosystem instead of directly giving that money to users via liquidity mining.

This is incredibly efficient at face value, but there is a tradeoff. Bribes are like your buddy’s ex-wife with a spending problem — every 2 weeks, she’s back for more.

Bribes are a never ending hamster wheel that protocols must continue to run week after week. Effectively, swapping their native token for CRV emissions so that users will provide liquidity, which leads to more TVL, which leads to revenue and growth, and the cycle repeats.

But it’s a two way street… What goes up (TVL) can also go down, when those sweet rewards dry up.

Andre Cronje covered this in a blog post that is excerpted below, pointing out a similar path and crossroads that’s been discussed in this article thus far:

As liquidity mining grew, some, non deal-breaking, flaws became apparent. I believe the following two to be the most destressing;

• Liquidity locusts (or loyalty), also referred to as “stickiness”
• Token loyalty, or opportunistic dumping

Liquidity quickly disappears when incentives cease. — Andre Cronje

Success Case: Euler

The most recent (and most successful) case of creating protocol aligned incentives is Euler. Coming back from the hack, Euler launched and TVL was stagnant to start.

Then they unveiled rEUL, a reward style derivative token of EUL, given to users who participate in the ecosystem with a vesting schedule that spans over 6 months. Euler acquired ~450x the rewards spent in TVL. In other words, for every $1 in rEUL rewards distributed, ~$450 was deposited.

TVL compounded ~80 % MoM for five straight months on just $2.9m of spend.

Can you spot the moment where v2 launched, and then can you spot the moment that rEUL rewards started?

Hint: TVL goes vertical from that point onward.

One feature that often goes unnoticed from the rEUL rewards program is that as users deposit, each user has their own vesting schedule. This means that sell pressure from rewards are spread over a greater timeframe. No singular unlock events.

More detailed analysis on Euler’s highly successful rewards program can be found here.

Andre had the theory. Euler put it into practice with great effect. But what if we took it one step further with game theory and the creation of a War Chest?

The Solution: opASF

What if instead of hopping on the proverbial hamster wheel, a protocol used emissions to build a ‘War Chest’ of Protocol Owned Liquidity (POL)?

POL creates a sustainable flywheeling bag (Asymmetry’s War Chest) that continues to reward users in the ecosystem. That entrenches the protocol with sustainable liquidity that grows the protocol into perpetuity.

This is the objective of opASF.

The Solution: How does opASF work?

Instead of bribing or liquidity mining purely with ASF, Asymmetry will use opASF.

opASF works like an In-The-Money call option on ASF. What does that mean?

• opASF is a derivative of ASF.
• opASF is always 1:1 redeemable for ASF at a discount. However, opASF is not instantly redeemable for ASF.
• When redeeming opASF for ASF, users will select a lock time. The longer the lock time, the greater the discount.
• The minimum discount is 10%. The maximum discount is 50%.
• The minimum lock time is 30 days. The maximum lock time is 52 weeks.
• Most users will receive opASF from Community Rewards (mostly LPs) programs across Curve, Convex, Pendle, Liquity, and more. However, users can purchase opASF from the open market at any time, if they wish to do so.
• If a user wishes to have instant liquidity without exercising, opASF can be sold on the open market at any time.
• opASF can only be exercised by using USDaf. If a user doesn’t have USDaf, they can zap into it seamlessly from any currency with CoW Swap
• Users can exercise opASF to receive ASF at a discount, correlated to lock duration.
• opASF also grants veASF for the duration of the unlock period, granting the user governance power and, subject to governance, revenue sharing.
• Adopting the same mechanism as Euler, opASF also has a similar system in which each position has its own vesting schedule. This means that sell pressure from rewards are spread over a greater timeframe. No singular unlock events.

Most importantly, all revenue accrued from opASF will be used to acquire revenue generating, productive assets that will form the Asymmetry War Chest.

Initially, the only assets whitelisted are vlCVX, vePENDLE, and staked LQTY. Additional assets can be voted upon via Governance in the future. The rationale behind vlCVX, vePENDLE, and staked LQTY is simple: All assets play a role in funnelling liquidity directly into the Asymmetry ecosystem into sustainable perpetuity.

How does opASF work in practice?

1. Bob receives 100 opASF because he has been voting for USDaf pools using his vlCVX
2. Bob comes to the Asymmetry DApp to exercise his opASF
3. Bob selects a 6 month lock time with a 30% discount. The ASF that Bob can redeem his opASF for is worth $1,000 today
4. Bob uses $700 USDaf from his wallet to exercise his opASF. Bob notes his ASF strike price of $7.00. Bob receives 1,200 veASF and a sizeable Gem Bonus
5. In 6 months, ASF is trading at $11. Bob returns to the Asymmetry DApp and claims his 100 ASF worth $1,100, profiting $400 (57%) even though ASF only went up 10% and he only chose a 30% discount.

The Bottom Line: Asymmetry in Control

opASF brings a common-sense principle from the world of traditional, revenue generating businesses outside of crypto. To put it into other words: If you are creating a business that needs bananas in perpetuity, would you rather rent the banana trees, or own them?

In crypto terms: Would you rather the protocol emit ASF via unsustainable bribes forever, or invest in assets that allow the protocol to control and direct the necessary liquidity into perpetuity, all with the end goal of weaning off ASF emissions entirely, ultimately benefitting holders?

Many protocols follow Protocol A’s lead below. Asymmetry will follow Protocol B.

This mechanism also rewards long term believers in the ASF ecosystem. If a user believes that ASF is undervalued and wants to align for the long term, then purchasing opASF from the open-market could make a lot of sense, depending on the discount available. In addition, a user purchasing opASF receives instant veASF (Governance) + a Gem Boost.

Why should I care?

If you’re an ASF holder reading this, why should you care? The answer is simple. It means Asymmetry is optimizing up for long term success. A real revenue-generating, self-sustaining, long-term protocol learning lessons from others that came before it.

Users win, and the protocol wins by amassing productive assets. Win-win. Full circle.

No more cat-and-mouse games.

opASF is now LIVE

Want to ‘go long’ on $ASF? opASF can now be bought in the open market https://www.curve.finance/dex/ethereum/pools/factory-twocrypto-237/deposit/

opASF can always be redeemed 1:1 for USDaf, users spend USDaf to exercise their opASF: https://www.asymmetry.finance/opasf

Gem Rush Season 2: A Whole New Look

Gem Rush Season 2 has landed, and it’s a complete game-changer for the Asymmetry ecosystem. Packed with new ways to earn Gems, massive prizes, and live events every two weeks. More than just a rewards program, Gem Rush Season 2 is engaging for current users in the ecosystem and appealing to recruit new users alike.

Season 2 ushers in two new LIVE EVENTS that occur monthly, respectively. In other words, there will be a live event in the Discord every two weeks, with REAL PRIZES to be won!

Jackpot Bonus: A Raffle for Everyone

The first of the new events is the Jackpot Bonus, Season 2’s monthly grand prize. Every first Thursday of the month, three random participants from the Gem Rush leaderboard will be chosen at random to win a shared grand prize — think $ASF tokens and Gems. To kick-off Season 2… the first Jackpot Bonus (Thursday June 5) will have 3,000 ASF and 1,500,000 Gems split between 3 lucky winners! Maximize your governance power!

Minnow or whale, anyone can hit the jackpot as long as you’ve met the minimum monthly Gem accrual (undisclosed to prevent sybilling attempts). The best part? Winners are drawn live at random in the Asymmetry Discord, turning every event into a community celebration. Hosted by Asymmetry’s resident marketing/community kingpin turned… gameshow host? JZ.

King of the Hill: Crown the Referral Kings

For referral masters, King of the Hill is your throne. Every third Thursday of the month, the top three referrers win massive Gem hauls:

• 1st Place: 1,000,000 Gems
• 2nd Place: 500,000 Gems
• 3rd Place: 250,000 Gems

King of the Hill is a NO-BRAINER for minnows looking to maximize their Gems and work their way to the top. Simply refer as many friends as possible with your unique code, and you’ll earn Gems from every $ deposited from each friend — It’s as simple as that.

These real prizes reward ecosystem growth, and like the Jackpot, winners are crowned live in Discord. As long as the referrer meets the minimum Gem accrual (undisclosed to prevent sybilling attempts), you’re in the race to rule the hill.

Hold up, What is the Gem Rush?

The Gem Rush is designed to reward participants in the Asymmetry ecosystem. Complete Quests, refer friends, and earn Gems — your ticket to a future airdrop. Season 2 takes this to new heights with revamped mechanics and two standout features: the Jackpot Bonus and King of the Hill, where real prizes drop every two weeks, live in Discord.

Quests: Your Gem-Earning Engine

You can earn Gems in two ways: Quests and Referrals. From depositing into Asymmetry products to supplying liquidity (LP), these tasks earn you Gems with every completion. Season 2 introduces a sleek upgrade: the ‘Completed Quests’ feature lets you track and verify your progress effortlessly. Head to the ‘Quests’ tab on the Gem Rush page to see what’s live and start stacking Gems today.

Ranks and Multipliers: Boost Your Game

New in Season 2, Ranks and Multipliers supercharge your Gem accrual. Your Total Gem Balance determines your Rank, and each Rank unlocks a higher Multiplier — amplifying the Gems you earn going forward.

Ranks are as follows:

• Blue: 12,500+ Gems
• Bronze: 50,000+ Gems
• Silver: 500,000+ Gems
• Gold: 2,000,000+ Gems
• Legendary: 5,000,000+ Gems

Season 1 OGs get a VIP boost: your locked-in Gems carry over, giving you a head start on Ranks and Multipliers from Day 1.

Referrals: Bigger Rewards, Bigger Wins

Referrals in Season 2 are a goldmine. Active users (those who’ve completed at least one Quest) can refer unlimited friends and earn a 12.5% Gem bonus on everything their referrals accrue. Refer a whale who earns 10,000,000 Gems? That’s 1,250,000 Gems for you — free.

Plus, top referrers can dominate the King of the Hill leaderboard for even more rewards.

Gem Accrual: Claim Your Stack

Gems accrue automatically as you engage, claimable every Friday on the Gem Rush page. Here’s the breakdown:

• Claimed: Gems in your balance.
• Claimable: Gems ready to be claimed, including past weeks if unclaimed.
• Accruing: Gems in progress, claimable each Friday.

Unstaking? Your ‘Claimable’ Gems may decrease that week, but claimed Gems are locked in forever, ensuring fairness across the board.

Season 1 OGs: Your Bonus Awaits

Season 1 Gems are secured, and OGs score a 30% bonus on all Gems earned so far — claimable until July 28, 2025, via the Asymmetry Dapp. Your Season 1 balance also jumpstarts your Season 2 Ranks, stacking Multipliers for maximum earning power.

Future Seasons: Rewards That Last

Asymmetry does not believe in ‘one-and-done’ airdrop campaigns, which are proven to be largely inefficient, but does believe in correctly rewarding early participants. Asymmetry products will continue long into the future, as do the ongoing rewards. Season 1 Gems will be redeemable for an airdrop in Season 3, Season 2 in Season 4, and so on, prioritizing early adopters.

Furthermore, multipliers help veterans outpace latecomers, rewarding loyalty over hype, but with a fair balance for newcomers to grind their way towards the top too.

Join the Rush

Gem Rush Season 2 is live, loaded with Quests, Ranks, and real prizes every two weeks via Jackpot Bonus and King of the Hill. Ready to earn Gems, win big, and shape the Asymmetry ecosystem? Dive in now.

Dive into the Gem Rush!

The “WEN?”s have been answered.

Today marks a historic day in DeFi.

For the first time ever, borrow against Bitcoin or yield-bearing Stablecoins and set your own fixed interest rates.

• wBTC (Wrapped Bitcoin)
• cbBTC (Coinbase Bitcoin)
• tBTC (Threshold Bitcoin)
• sUSDe (Staked Ethena Dollar)
• sfrxUSD (Staked Frax Dollar)
• sUSDS (Savings Sky Dollar)
• sDAI (Savings DAI)
• scrvUSD (Savings Curve USD)

Target Addressable Market of $41.8 billion of assets.

USDaf can be minted by borrowing against these assets, and can also be purchased in the open market at any time.

Why USDaf?

No-one wants to sell their Bitcoin, similarly no-one should sit in regular stablecoins — Unlock your assets with USDaf and maximize their potential. Set your own loan-to-value and fixed interest rates, which can be adjusted at any time.

Powered by Liquity v2 technology.

Security

First and foremost, USDaf is decentralized and immutable immediately from launch. Meaning that no party can ever upgrade the contract nor interfere.

USDaf and the Liquity v2 codebase is immensely battle-tested, with a combined 10 audits including an open-audit competition sponsored by Liquity for $350k.

Results of all audits can be found here.

Innovation

Asymmetry has teamed up with Yearn Finance to unveil sUSDaf (staked USDaf) — a groundbreaking yield-bearing stablecoin designed to maximize earnings on USDaf.

Built on Yearn’s proven v3 infrastructure, sUSDaf delivers a seamless, auto-compounded, and permissionless experience that sets it apart as the ultimate tool for USDaf yield optimization. All in one-click.

Read more on the Yearn partnership here.

Multiply (Coming V. Soon)

Multiply, Looping, Degen Box: 2025 edition… Whatever you want to call it, it’s coming! Looping allows users to borrow USDaf against your deposited collateral and use it to buy more collateral, increasing your exposure to the underlying asset. USDaf comes with built-in automation to achieve this with one click (zappers) with the Multiply feature.

Users may loop with all types of collateral accepted in USDaf, including all variants of BTC and yield-bearing stablecoins. Many users may choose to loop their yield-bearing stablecoins for more native, real yield.

A real game-changer — The Degen Magnet.

Integrations

From the start, USDaf will be trading on Curve and Uniswap, with integrations into CoW Swap and more already integrated.

The AF Power Pool Strategic Reserve LP, also known as the USDaf/USDC/USDT Metapool on Curve Finance will host the greatest rewards right away for users looking to get yield on their USDaf, USDC, or USDT. The Metapool is the latest and greatest innovation from Curve, bringing two of the pillars of DeFi in USDC and USDT together with USDaf, giving users optionality and stability with incredible execution.

Better yet? Integrations with your favorite lending protocols such as Morpho, as well as yield trading integrations like Pendle and more, very soon…

Gem Rush Season 2

Completely re-designed and better than ever. The Gem Rush Season 2 is packed with new ways to earn Gems, including new features ‘King of the Hill’ and ‘Jackpot’, where real rewards are given out every two weeks! Check out the Gem Rush docs for more.

Beyond

The Asymmetry team prides itself upon a vast network of connections, investors and partners — with plans to leverage these to build additional infrastructure, ease-of-use, targeting new markets and more.

Now post-launch, the Asymmetry team is committed to scaling USDaf far and wide, a product with tremendous PMF for individuals, whales, treasuries, institutions and beyond.

For detailed documentation on USDaf, refer to the Docs.

Ready to Borrow like never before? USDaf is here!

Asymmetry has teamed up with Yearn Finance to unveil sUSDaf (staked USDaf) — a groundbreaking yield-bearing stablecoin designed to maximize earnings on USDaf.

Built on Yearn’s proven v3 infrastructure, sUSDaf delivers a seamless, auto-compounded, and permissionless experience that sets it apart as the ultimate tool for USDaf yield optimization.

Intro: USDaf Explained

sUSDaf is built upon USDaf, Asymmetry’s stablecoin on Ethereum Mainnet, powered by Liquity v2.

USDaf will be a stablecoin like never before: For the first time ever, users can set their own fixed interest rates borrowing against a range of premium assets, including:

• wBTC
• tBTC
• cbBTC
• sUSDe
• sUSDS
• sDAI
• scrvUSD
• sfrxUSD

This innovative design makes USDaf a standout in the stablecoin landscape, and sUSDaf takes it further by supercharging its earning potential.

How sUSDaf Works

The magic of sUSDaf lies in its ability to simplify and enhance yield generation. When users borrow USDaf, they pay a fixed fee of their choosing, with 75% of those fees flowing into Stability Pools (SPs).

These pools allow users to stake their USDaf and earn additional USDaf, plus collateral from liquidations. Manually optimizing yield across multiple SPs can be a time-consuming and stressful task — sUSDaf eliminates that complexity.

With tokenized, one-click access, sUSDaf leverages Yearn Finance’s vault infrastructure to automatically rebalance and auto-compound USDaf across all SPs every hour, ensuring users always capture the highest possible returns.

In short:

Without sUSDaf? Users would be trying to allocate their USDaf across different Stability Pools in order to optimize yield, a difficult and manual process.

With sUSDaf: Users get tokenized one-click access to the highest yield on USDaf, with the security of YearnFi vaults too.

Yearn’s Technical Innovation

sUSDaf is unique thanks to its cutting-edge features. sUSDaf operates without oracles, removing external dependencies and bolstering security.

During liquidations, collateral is sold and compounded into more USDaf via a novel Dutch Auction mechanism on CoW Swap. (Further reading: https://x.com/Schlagonia/status/1884707873613070495)

This guarantees at least CoW Swap’s market price, with the potential for even better rates for the user, enhancing efficiency and user returns. Backed by Yearn’s battle-tested vaults, sUSDaf combines reliability with innovation.

Freedom and Flexibility

sUSDaf is fully permissionless — users can deposit or withdraw anytime, anywhere, without lockups, cooldowns, or fees. This frictionless user experience, combined with the absence of entry or exit costs, maximizes the accessibility for sUSDaf, ultimately elevating using USDaf on the whole.

Yearn’s vaults are widely regarded across DeFi for their security and efficiency. This battle-tested infrastructure has stood the test of time and is home to more than $300m in TVL — with Asymmetry’s USDaf set to bolster that figure.

sUSDaf: Another Step Forward

sUSDaf is a leap forward for Asymmetry’s USDaf, and a statement of intent to deliver a stablecoin ecosystem like never before. By blending USDaf’s unique features with Yearn’s yield optimization prowess, sUSDaf offers a hassle-free, high-yield opportunity for all.

sUSDaf will be the gateway to effortless, optimized earnings in the stablecoin space.