Introducing Flipped Vaults! Ondo’s new flipped vaults allow users to choose which assets to receive fixed yield or variable yield exposure in.
Today’s vaults will be the first time Ondo is offering flipped vaults to the community. Ondo and the BitDAO community are pleased to offer two new vaults that will consist of $ETH and $BIT and will be deployed on Sushi for a duration of 45 days. Each vault will have a $10M cap.
This first vault will offer a 25% APY fixed yield on ETH and, based on trailing 7d data, 89% APY variable yield on BIT. The second vault will offer a 30% APY fixed yield on BIT and, based on trailing 7d data, 82% APY variable yield on ETH. Users will be able to choose between getting FY or VY exposure to ETH or BIT. These vaults are currently the only single-sided yield opportunity available to BIT holders.
Note: The variable side of the vault takes on the vast majority of impermanent loss risk. Returns can potentially be negative and are highly variable for variable tranche subscriptions.
There is a three-day subscription window starting today when users can make requests to deposit into the vault. Users can make subscription requests here. If your funds do not end up being deployed to liquidity pools, you’ll be able to withdraw your funds from Ondo’s website in approximately three days. Please note that withdrawing from Ondo’s vaults will cost gas.
The Ondo smart contracts will accept subscription requests on a first-come, first-served basis. Funds will only be deployed if liquidity is available to match it on the other side of the vault.
Ondo Finance is connecting and servicing investors and token issuers in DeFi with on-chain investment banking services. Ondo is being developed by a team of traditional banking veterans and DeFi experts. The team includes alumni from Goldman Sachs Digital Assets, Facebook, BadgerDAO, Snap, private equity funds, hedge funds, and various venture-backed start-ups.
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