The Almanak Ecosystem isn't what you think it is alUSD, alpUSD, and basedUSD are not stablecoins They are vault tokens that represent yield-bearing shares in automated vaults running delta-neutral strategies The yield accrues directly to the token's value Ex. 1 alUSD might redeem for more than 1 USDC over time as the vault performs Let's break these down 1/ alUSD (Autonomous Liquidity USD): The flagship vault. Automatically rotates through safe, high-yield opportunities like lending, liquidity provision, and hedging. Done across Aave v3, Compound v3, Fluid, Euler v2, Morpho Blue Vaults, Yearn v3 Designed for steady, low-volatility growth Current APY: ~13.5% (9.6% of this is estimated in ALMANAK points value assuming 100M FDV at TGE) TVL: $~124M Exposure options: YT alUSD on Pendle = 5x Almanak Points LP alUSD on Pendle = 1.5× points (for the SY-alUSD portion) LP on Curve = 3x Almanak Points (Staked LP positions do NOT earn points) Vault deposits = 1× points/default amount All earned points convert to $ALMANAK at TGE 2/ alpUSD (Autonomous Liquidity Plus USD): A step up in intensity. Similar mechanics, but with "Plus" strategies that might include slightly higher-risk plays for better returns Ex. optimized leverage or broader DeFi integrations It's for those wanting a bit more juice without going full degen APY: ~15% TVL: $~3.2M Exposure options: Vault deposits = 1× points/default amount 3/ basedUSD = Tailored for the Base chain Leverages Base's low fees for efficient yield farming APY: ~15%, TVL: ~$1K (not yet public yet thus low TVL)