Ember Loop: leveraged stablecoin yield on Sui

eEARN is Ember's yield-bearing USDC. Ember Loop holds it with borrowed money as well as yours: deposit USDC, receive jeLOOP, and the vault runs the loop, the loan and the rebalancing.

Target about 4.5xKeeper runs every 10 minutesNot externally audited

Open Ember Loop Read the docs

Ember Loop (jeLOOP)

Est. APY

Live in app

Leverage

~4.5x

CollateraleEARN on Suilend

Entry fee0.45%

Withdrawal fee1%

Performance fee10% above high-water mark

Admin3-of-5 multisig

How the loop works

The vault does in one flash-loan transaction what would take many manual rounds of borrowing and buying.

Step 1

Deposit USDC

You receive jeLOOP. Its value is your share of the vault's net assets, recalculated on every deposit and withdrawal.

Step 2

eEARN goes in as collateral

The vault buys eEARN from Ember and posts it on Suilend, a Sui lending market.

Step 3

Borrow and buy more

It borrows USDC against the eEARN, buys more eEARN and adds that to the collateral until the target leverage.

Step 4

The keeper watches the loan

Every 10 minutes it levers new deposits, funds withdrawals and repays debt if the loan-to-value climbs past its trigger.

Where the yield comes from

The example uses round rates to show the mechanics. It is not a forecast. The app's APY cards use eEARN's recent yield and Suilend's live USDC borrow rate.

Net yield(eEARN yield x leverage) - (borrow rate x (leverage - 1)) - fees

Example: 10% eEARN, 8% borrow, 4.5x17.0% before fees, 15.3% after

Same position if eEARN falls to 6%-1% a year

Extra reward tokensNone today on Suilend

Guard rails

Bounded keeper

The keeper can never send vault funds to an arbitrary address. eEARN sales must clear within 1% of Ember's rate and flash-loan fees are capped at 0.1%.

Auto de-risk

If Ember's on-chain rate shows eEARN losing value, the vault stops adding leverage until the admin reviews it. Reducing leverage and withdrawing keep working.

Guardian pause

A guardian key can pause deposits and lever-ups in an emergency. It cannot unpause or move funds.

Hard fee ceilings

Entry and withdrawal fees can never exceed 1% and the performance fee can never exceed 20%, whatever the multisig signs.

Risks

Leverage cuts both ways. When borrowing costs more than eEARN earns, the position loses money faster than holding eEARN alone.
Liquidation. Suilend liquidates at 90% LTV, measured with eEARN at $1. Interest pushes LTV up over time and the keeper repays debt to stay below its trigger.
Dependencies. The vault relies on Suilend, Ember, Bluefin and the Pyth USDC feed, and on JewelSwap's keeper to lever, unwind and rebalance.
Exit cost and liquidity. Withdrawals sell eEARN on Bluefin. A very large exit can take several keeper rounds.
No external audit. Only deposit what you can afford to lose.

Questions

What is Ember Loop?

A JewelSwap vault on Sui. You deposit USDC and get jeLOOP. The vault buys Ember's eEARN, borrows USDC against it on Suilend and buys more eEARN, so you earn eEARN's yield on several times your deposit, minus the borrowing cost.

How much leverage does it use?

The keeper targets about 4.5x. At that level a $1,000 deposit holds about $4,500 of eEARN against $3,500 of borrowed USDC.

Can I lose money?

Yes. If eEARN loses value, if borrowing costs more than eEARN earns, or if part of the position is liquidated, the jeLOOP price falls, and leverage makes those losses bigger. Ember Loop is not externally audited.

Why is there no instant withdrawal?

Idle deposits are always put to work, so the vault never pays one person's exit with someone else's new deposit. Each withdrawal is a request that the keeper funds by unwinding exactly that slice of the position.

What are the fees?

A 0.45% entry fee and a 1% withdrawal fee, both kept in the vault for remaining holders, plus a 10% performance fee on new gains above the high-water mark.