@lush-seeed
lindyhan's Kraken DeFi Earn dashboard got featured in the latest Dune Digest, and it got my interest.
TL;DR: ~70% of the Advanced vault ($36M of $51M) is converted from USDC to PYUSD and deployed into Merkl-incentivized pools on Ethereum.
Not a scam. Vault curators (Sentora) are rationally chasing PayPal's PYUSD incentive program.
But users depositing for "USDC yield" are carrying PYUSD depeg risk, incentive dependency risk, and bridge risk that the product page doesn't spell out.
Verified on Etherscan: strategy contract claims PYUSD + MORPHO from Merkl distributor. Block 24466504.
Full write-up: https://medium.com/@idristaurus27/i-looked-up-what-kraken-defi-earn-actually-does-with-your-usdc-you-should-too-cc045e3fab70
Dashboard (the real source): dune.com/lindyhan/kraken-defi-earn
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