Me pēhea tātou e kōwhiri ai i ngā kawa DeFi
The six criteria behind Curve, Pendle, Balancer, Beefy, Aave and StakeDAO, and what we exclude.
Curve 
Pendle 
Balancer 
Aave Custodial: funds held by Coinstancy · Selection as of September 2026
Te putanga poto
- Six protocols carry the allocation: Curve, Pendle, Balancer, Beefy, Aave and StakeDAO. Coinstancy holds the funds in a multisignature wallet it operates and deploys them into these protocols.
- Ko ngā whakamātautau e ono anō e whakatau ana i te urunga: te wā i roto i te whakaputanga, ngā arotake motuhake tūmatanui, te hoahoa oracle, te kāwanatanga me te āheitanga whakamohoatanga, te hōhonutanga o te rōnaki, me te āheitanga whakaurunga inihua.
- Ko te kōwhiringa mō ia puna, ehara mō ia waitohu. Ko te whakaae ki tētahi kawa ehara i te whakaae ki ia mākete e whakahaere ana.
- Leverage, looping, exposure to volatile assets, unaudited forks and anything other than USD or USDC are excluded, which lowers the ceiling on the rate, deliberately.
- Passing the criteria does not make a protocol safe. Smart contract risk remains, which is why the coverage arranged through OpenCover sits behind the allocation.
Our six selection criteria.
Ka whakamahia ngā whakamātautau e ono ki ia puna i mua i te taenga atu o ngā pūtea umanga ki reira. He āta hōhā: kāore tētahi o ēnei e pā ana ki te reiti whakatairanga, nā te mea ko te reiti te putanga o tētahi whakataunga mōrearea, ehara i te take hei whakatau.
Te wā i roto i te whakaputanga
Ka uru te kawa ki te tohatoha anake i muri i te whakahaeretanga o ana kirimana matua i roto i te whakaputanga i te rahi o nga rawa i roto i te neke atu i te kotahi huringa mākete. Ko nga whakaurunga tata, nga manga kāore i arotakea, me nga papaaho waehere kua tuhia anō, kāore e uru, ahakoa te reiti e panuitia ana e ratou.
Ngā arotake motuhake ā-iwi
The contracts we deploy into must have public audit reports from independent firms, and an active bug bounty. We read the findings and how they were resolved, not the badge on a landing page. An audit that predates a material rewrite is treated as expired.
Oracle design
Ko te tikanga o te kawa ki te utu i ngā rawa e whakatau ana i tōna ngoikoretanga. Ka tirohia e mātou ko ēhea whāngai e whakawhirinaki ana, mēnā ka taea te raweke i te utu i roto i te poraka, mēnā he rohenga, he kaiwhati iahiko rānei, me te aha te kawa e mahi ai inā tawhito te whāngai.
Te kāwanatanga me te āheitanga whakamohoatanga
Ko wai ka taea te whakarereke i te kirimana, i raro i te nuinga o te whakaaro, me te nui o te pānui ka whiwhi te panoni. Ko ngā timelocks, ngā paepae multisig me ngā mana whawhati tata he wāhanga o te tūpono, nā te mea ko tētahi kawa ka taea te whakahou tonu ka taea te whakahou ki te kino o ngā kaitāpui.
Te hōhonutanga o te rōnaki me te ara putanga
He rite te pai o tētahi tūranga ki te ara putanga i roto. Ka whakarite mātou i ia tohatoha ki te hōhonu o te puna e noho ana, kia kaua ai te wetewete i te tūranga e whakawhirinaki ki ngā āhuatanga pai, ā, kia mau tonu te matapihi tangohanga 48-hāora me te kore e takatū i tētahi putanga kino.
Whakaaetanga kapinga
Me noho te puna ki roto i te whānuitanga o te inihua kua whakaritea mā OpenCover. Kāore e whakamahia tētahi kawa e kore e taea e mātou te inihua mō ngā kaupapa kua rārangitia, mō ngā pūtea umanga, ahakoa he pai te whakaaro mōna.
Ngā mea kāore ngā paearu e ono e mahi
Ko te tuku i a rātou kāore e haumaru ai tētahi kawa. Kua rahua ngā kirimana kua arotakea, kua hopukina te kāwanatanga, ā, kua rawekehia ngā oracles i runga i ngā kawa i tutuki ai ngā paearu katoa o tēnei rārangi. Ko ngā whakamātautau e whāiti ana i ngā huarahi ka hē ai tētahi tūranga, ā, e whakamōhio ana i te rahi o ia tohatoha. Ko te mea kāore e taea e rātou, ko te whakakore i te tūpono kirimana mārire, koia te take e noho ana te inihua kua whakaritea mā OpenCover i muri i a rātou, ā, ko te whārangi inihua e whakaatu ana i ngā tūpono e toe ana māu.
Curve: why, which pools, which risks.
Curve is an automated market maker (AMM) built for assets that are meant to trade at the same price. That specialization is the reason it is in the allocation: a stable-to-stable pool is the closest thing in DeFi to a position whose intended behaviour is to stay flat and collect fees.
Curve · ngā puna i whakamahia, me ngā tūraru e toru e pā mai ana
Deposits provide liquidity to pools where USDC is exchanged against another dollar-denominated asset. The position earns a share of the swap fees paid by traders, plus the incentives distributed to that pool. We use pools whose other side we would be prepared to hold outright, because that is exactly what happens if the two assets stop trading at par.
- Ngā puna e whakamahia ana: Ngā puna pūmau-ki-pūmau me te USDC ki tētahi taha
- Custody: Held by Coinstancy, deployed through its multisignature wallet
Nature of the risk: Pool imbalance risk. A stableswap pool absorbs the weaker asset. If a stablecoin paired against USDC loses its peg, the pool ends up holding more of it, and the position tracks that outcome. This is the risk that decides which pools we use, and it is why we stay on pools whose other side we are willing to hold.
Nature of the risk: Contract risk on pool and gauge. Depositing means interacting with the pool contract and, where incentives are claimed, the gauge contract as well. Each is a separate piece of code and a separate failure point. Code bugs are the event the OpenCover policy is built around, subject to its terms.
Nature of the risk: Incentive dependency. Part of the yield on an incentivized pool comes from emissions rather than swap fees. Emissions are set by governance and can be reduced or redirected, so the realized rate on a pool is not a fixed property of that pool.
Selection is per pool, not per brand. Curve being on this page does not mean every Curve pool is used, and the pools in the current allocation are the ones shown in your dashboard and listed during onboarding.
Pendle, Balancer, Beefy, Aave and StakeDAO.
Each one is in the allocation for a specific job, and each one brings a specific failure mode. Both are stated below. Two of them, Beefy and StakeDAO, are layers on top of other protocols, which means their risk is additive rather than alternative.
Protocol · role in the allocation, and nature of the risk
Te tūnga i roto i te tohatoha. Ka wehe a Pendle i tētahi tūranga whakaputa hua ki tōna mātāmua me tōna hua ā muri ake, e taea ai te whakatakoto i tētahi reiti e mōhiotia ana ki tētahi rā e mōhiotia ana. Ko taua hanganga pakeketanga te mea e hāngai ana te taumata wā: he reiti i whakaaehia i mua, kaua ko tētahi reiti māneneneke.
Nature of the risk. The position is priced to a date. Leaving before maturity means selling at market, not at par, and the market for a maturity can be thin. On top of that sits the contract risk of the tokenization layer, and the risk of whatever underlying asset the yield is derived from. Pendle does not remove that risk, it repackages it.
Te tūranga i roto i te tohatoha. Ka whakarato a Balancer i tētahi atu hoahoanga puna mō te rōnaki moni pūmau. Ko tōna uara i roto i te tohatoha ehara i te reeti mātāmua teitei ake, engari ko te whakanekeneke i te pūtake waehere: e rua ngā wāhi i hangaia e ngā rōpū rerekē, ka taka mō ngā take rerekē, koia te take o te wehewehe i tētahi tohatoha ki waenga i a rāua
Te tūranga i roto i te tohatoha. Ka kohi a Beefy vaults i ngā utu mai i tētahi tūranga o raro, ā, ka whakahokia anō i runga i tētahi hōtaka, me te kore mahi ā-ringa. Ko te hua he whakahaere: he iti ake ngā mahi whiriwhiri, he iti ake ngā huringa whakahiato kua ngaro, ā, he iti ake te utu mō ia kohinga i te mahi i ia tūranga.
Te āhua o te mōrearea. He paparanga tēnei ki runga ake i tētahi atu kawa. Ko te whakamahi i a ia ko te tango i te mōrearea o te wharepūtea me te rautaki kirimana hei taapiri atu ki te mōrearea o te kawa o raro, kaua hei whakakapi mōna. Ka taea hoki te whakarerekē i ngā rautaki e te kawa, nō reira ka tirotirohia te tūranga hei mana whakahaere kaha, kaua hei pūtea pūmau
Te tūranga i roto i te tohatoha. Ko te tuku USDC ki tētahi mākete tāremi ka whiwhi i te huamoni e utua ana e ngā kai-tāremi kua whakapumautia te taunaha. Koia te taputapu māmā rawa i roto i te tohatoha, ā, i te nuinga o te wā koia te mea tino waiwai, nā reira koia te wāhi tika mō te wāhanga me noho māmā rawa ki te wetewete
Te tūranga i roto i te tohatoha. Ka hanga a StakeDAO i runga i ngā tikanga vote-escrow o te pūnaha Curve hei whakapai ake i te reiti ka riro i ngā tūranga gauge, ā, hei whakahaere i ngā mahi kerēme me te maukati e hiahiatia ana e aua tūranga. Ko tāna tūranga he whaihua i runga i te whakakitenga kua mau i a tātou, ehara i te whakakitenga hou.
Why six and not one
Ko te whakakotahi i te tohatoha umanga ki roto i te kawa kotahi ka whakawhirinaki te toenga katoa ki te papa waehere kotahi, ki te roopu whakahaere kotahi, me te whirihoranga oracle kotahi. Ko te wehewehe ki nga waahi i hangaia e nga roopu rereke ko te tikanga ka kore te ngoikoretanga o tetahi e tango i te tuunga. Ko te tikanga he maha atu nga kirimana e mahi ana, koinei te utu o taua whiringa, he mea e korerotia ana e matou, kaua e huna. Ko te ahua o te mahi whakamahana i ia taahiraa kua whakatakotoria ki te wharangi me pehea te mahi.
He aha tā mātou e whakakore ai, ā, he aha ai.
Ko te kaupapa here whiriwhiri e tautuhia ana e te mea e whakakore ana ia. Ko ēnei ngā kāwai kei waho i te whānuitanga mō ngā pūtea umanga, me te take e whakakorehia ai ia.
| Kua whakakorehia | He aha |
|---|---|
| Ko te katoa engari ko USD me USDC hei rawa matua | Kāore ngā moni pūmau algorithmic, whakaputa hua, me te iti te hokohoko e whakamahia hei rawa whakatakoto. Ko te hua e whakaingoatia ana i roto i te USD, USDC rānei, ā, ko te rawa matua ehara i te wāhi e whakapau kaha ai mātou. |
| Ngā rautaki whakamahi moni taurewa me te huri haere | Ko te nama tāruarua ka whakanui ake i te reiti mā te whakanui ake i te tūponotanga o te whakakorenga. Kāore e tika kia pupuri te tohatoha pūtea i tētahi tūranga ka taea te kati ki a ia e te nekehanga utu. |
| Te whakakitenga ā-arahi ki ngā rawa pūtohe | Kāore he puna e whai tūranga ai te pūtea ki te utu o tētahi rawa pūtohe. Mēnā ka taea te neke te uara tāra o te toenga ki te utu o te tohu, ehara i te hua penapena. |
| Ngā whakamahinga hou me ngā māngai kāore anō kia arotakengia | Ko te māngai ka whiwhi i te rongonui o te taketake, engari kāore e whiwhi i tētahi o āna whakamātautau. Ki te kore he arotake motuhake tūmatanui o te waehere kua horahia, kāore e tika, ahakoa te reiti. |
| Ngā kirimana whakahou inamata me ngā kī matua kāore e herea | Ki te taea e tētahi kī matua te whakarerekē i te whanonga o te kirimana me te kore wā taima me te kore pānui, kāore he wā mō ngā kaitāpui ki te urupare. He mōrearea whakahaere tēnei e whakahekehia ana e mātou, kāore e utuhia. |
| Ngā tūranga kei waho i te whānuitanga o te kapinga | Ki te kore e taea te kawe mai i tetahi puna ki roto i te whakamarumaru kua whakaritea ma OpenCover mo nga huihuinga kua whakarārangihia, kare e whakamahia mo nga putea umanga. Ehara te hua i te take hei whakahaere i tetahi tuunga kore-whakamarumaru. |
Ko te hua o tenei rārangi he iti ake te taupoki o te reiti i te rautaki kaore he reira e whakaatu ana. Koinei te whakawhitinga e whakaarohia ana: ko te rārangi reiti te mea e toe ana i muri i nga whakakorenga, kaua i mua i a ratou.
Te wā arotake me ngā tikanga putanga.
Selection is a decision that has to be re-made. A pool stays in the allocation because it still qualifies, and it leaves when it stops qualifying, not when the loss has already happened.
- 01
Arotake whakaurunga
Ka arotakea tētahi puna i runga i ngā paearu e ono i mua i tētahi tohatoha. Ko te waeine o te whakatau ko te puna, kāore ko te waitohu: ko te whakaae ki tētahi kawa kāore e whakaae ki ia mākete e whakahaere ana.
- 02
Aroturuki tonu
Ka aroturukihia ngā tūranga, te hanganga puna me ngā tikanga kawa i ia wā. Ko ngā whakahoutanga kirimana, ngā tono kāwanatanga me ngā panonitanga oracle ka kiia he kaupapa hei arotake anō, kaua hei haruru noa.
- 03
Arotake anō i ia wā
Ka tirohia anō ia puna i roto i te tohatoha ki ngā paearu e ono rite tonu i runga i te hōtaka tōmuri, kia noho tonu ai tētahi tūranga ki te tohatoha nā te mea e whai tohu tonu ana, kaua nā te mea i whai tohu i tētahi wā.
He aha te mea e puta ai te whakaputatanga
He aha te tikanga e kore e taea e te tukanga arotake te whakapūmautia
Ko te putanga i tētahi puna he whakatau tohatoha, ā, kāore e whakarerekē i tō taumata. Kāore i whakarerekētia ō ake tikanga tangohanga: kei te wātea ngā pūtea i roto i ngā hāora 48, ā, ko te wehe wawe i tētahi taumata maukati ka whakahoki i te moni whakapaunga, ka whakakore hoki i te huamoni kua whiwhi.
Ngā arotake tūmatanui kua tohutorohia.
Every protocol in the allocation publishes its own audit reports. We reference those published reports. We do not produce our own summary of them on this page, and we do not restate their conclusions as ours.
Where the reports come from
Each protocol publishes its own audit reports and bug bounty program in its public documentation and repositories. Those published reports are what we review and what we reference. We do not commission or resell them.
He aha tā mātou e pānui ai i roto i a rātou
Te whānuitanga o te arotake me te whakapūngao e kapi ana, te kaha o ngā kitenga, me pēhea te whakatika o ia mea, me te mea kei te rite tonu te waehere kua horahia ki te waehere i arotakehia i muri i ngā whakahoutanga o muri mai.
He aha tā mātou e whakarato ai i runga i te tono
I te wā o te whakaurunga, te rārangi o ngā puna kaukau i roto i te tohatoha o nāianei me ō rātou wāhitau kirimana, me ngā hononga ki ngā pūrongo tūmatanui e kapi ana i a rātou, kia taea ai e te rōpū arotake te manatoko i te mekameka i a rātou anō.
Ngā mea kāore mātou e whakaputa i konei
Kāore mātou e whakahoki anō i ngā whakataunga arotake, e whakaputa i ngā ingoa kamupene me ngā rā, e whakarāpopoto rānei i ngā kitenga i runga i te whārangi hokohoko. Ko te whakarāpopototanga arotake i tuhia e te rōpū e tohatoha ana i ngā pūtea, ehara i te taunakitanga. Ki te kore e whai puna tētahi tohutoro, kāore e kīia.
Kei hea te wāhi e whai ake nei
Ma tēnei whārangi e whakaatu te huarahi e uru ai tētahi kawa ki te tohatoha me te huarahi e puta ai. Ko ngā whārangi e rua e pātaihia ana e te arotake pūtea i te nuinga o te wā, ko ngā tikanga whakamaru i muri i ēnei tūranga, me ngā whakaritenga whakauru ki te hinonga kirimana.
Ngā puna me ngā pānuitanga atu anō
Ka whakawhirinaki ngā tatauranga me ngā kerēme o tēnei whārangi ki ngā tuhinga kei raro nei. Ka neke ngā tatauranga pā ki te wā (reiti, hua, utu, raraunga mākete): tirohia te uara ora i te puna i mua i te mahi.
- Curve documentationdocs.curve.finance
Stableswap pool mechanics, gauges and incentives. Audit reports and the bug bounty are listed in the protocol documentation.
- Pendle documentationdocs.pendle.finance
Principal and yield token structure and maturities. Audits are listed in the protocol documentation.
- Balancer documentationdocs.balancer.fi
Pool architecture and rate providers. Audits are listed in the protocol documentation.
- Beefy documentationdocs.beefy.finance
Vault and strategy mechanics, and how compounding is automated. Audits are listed in the protocol documentation.
- Tuhinga Aaveaave.com
Over-collateralized lending, utilization and liquidation mechanics. Audits are listed in the protocol documentation.
- StakeDAO documentationdocs.stakedao.org
Vote-escrow strategies and liquid lockers on gauge positions. Audits are listed in the protocol documentation.
- DefiLlama, protocol TVLdefillama.com
Live aggregator for total value locked (TVL) and liquidity depth per protocol. No TVL figure is stated on this page: check the current value there.
I arotakea whakamutunga: Mahuru 2026. Ka whakatuwheratia ngā hononga o waho ki tētahi tihopa hou; kāore a Coinstancy e whai kawenga mō ō rātou ihirangi.
Tonoa te urunga, ka pātai rānei i ngā pātai uaua i te tuatahi.
Whakatuwheratia he pūkete tika. Mēnā e hiahia ana tō rōpū pūtea ki ngā kupu whakamarumaru me ngā whakaritenga KYB i mua i tērā, ka taea e tō mātou rōpū te whakautu mā te whārangi whakapā.