Serenity Fund · USD Fixed Income
A US dollar fixed income product built on stablecoins. The Aqueduct earns interest and protocol rewards across established DeFi platforms — without exposure to the price of any cryptocurrency.
Performance
Net asset value per unit since inception on 27 Jan 2021, against the ETH price over the same period. The comparison is not a benchmark — it is there to show what the product deliberately avoids: directional exposure.
189 valuation points from 27 Jan 2021 to 18 Aug 2026. Hover for values.
Current Allocation
Live figures from the fund's position monitor, refreshed each time this page is published. Every position is held in the product wallet and visible on-chain.
Projected income is the current yield applied to current positions. It is not a forecast and will move with market rates.
Strategy
The product holds dollar-pegged stablecoins and puts them to work across five categories of established protocol. Allocation shifts with where risk-adjusted yield is best, and is diversified across platforms by design.
Providing liquidity to stablecoin trading pairs on decentralised exchanges, earning trading fees plus protocol rewards. Curve is the core venue — the largest DEX for stablecoin trading — accessed through Convex to enhance reward yields.
Depositing stablecoins into on-chain lending markets, which function as banks: borrowers post collateral and pay interest to depositors.
Participating in CDP protocols that issue stablecoins against collateral and share the resulting yield with holders, such as the Dai Savings Rate.
Delta-neutral positions on derivatives venues: holding an asset for its yield while shorting the same size elsewhere, so the net position value is unchanged by price moves while the funding rate accrues.
Selective participation in yield-tokenisation and incentive programmes where the underlying remains dollar-denominated.
Every position is dollar-denominated or hedged back to dollars. Where a strategy requires holding a volatile token, an offsetting short is held so the net exposure stays flat. The product is designed to earn yield, not to take market direction.
Research
Positions are not chosen on narrative. The manager operates a stablecoin analytics terminal that collects yield, liquidity and utilisation data across the tracked market every day, and allocation decisions are made from it. The same terminal is published openly, so the evidence behind the portfolio can be inspected.
Lending markets and vaults across Aave, Compound, Morpho, Euler, Curve, Curvance, Dolomite and Spark, plus DEX and fund pools — rebuilt every day at 10:00 (UTC+8).
For each lending market the terminal computes the levered yield available from collateral yield against borrowing cost, with utilisation and kink context, so positions are sized against the rate curve rather than a headline APY.
A published tier system classifies stablecoins by collateral quality and track record. It governs which assets are eligible for the portfolio at all, and is reviewed as the market changes.
Depth and mid-price for each tracked stablecoin are checked daily, so a deteriorating peg or thinning liquidity is visible before it becomes a loss.
The dashboard behind these decisions is open — the same yield, lending, leverage and peg data the manager uses.
Terms & Operations
Risk Factors
The Aqueduct avoids price risk. It does not avoid every risk, and the following are material. Invest only what you can afford to lose.
The product operates on Ethereum. A failure of the underlying system would impair the value of all assets held on it, including stablecoins. The probability is low after more than a decade of operation, but it is not zero.
Singapore's stance is currently open, but policy can change. Individual protocols face the law of their own jurisdictions — a major stablecoin issuer or DeFi platform could be investigated or penalised, and users could lose money as a result.
Whether every major stablecoin is fully collateralised remains an open question. Insufficient backing combined with a liquidity crisis could break a peg and propagate across the market.
Capital is deployed into third-party smart contracts. Their security against exploits cannot be guaranteed. This is mitigated by protocol selection and diversification, not eliminated.
The Aqueduct is custodial: it requires trust in the manager. This is mitigated by full on-chain transparency and hardware-secured authorisation, and is intended to reduce over time as operations move on-chain.
Yields are market-determined and vary with demand for leverage and stablecoin liquidity. Past returns, including those shown on this page, do not indicate future returns.
