Onchain Insights (August 31, 2026)
The USD benchmark increased over the last 30 days, ending at 3.79% 7d avg APY versus 3.54% 30 days earlier. The ETH benchmark was roughly flat, ending at 2.15% versus 2.14%. Observed USD vault TVL increased $394.2M (1.47%) over the period.
Data as of August 31, 2026. All data sourced from vaults.fyi API. This is a market note, not investment advice.
Key Takeaways
- USD benchmark 7d avg APY increased, ending at 3.79% versus 3.54% 30 days earlier.
- ETH benchmark 7d avg APY was roughly flat, ending at 2.15% versus 2.14% 30 days earlier.
- Across observed USD vaults with 30d history, TVL increased $394.2M (1.47%) over the period.
- Spark USDC Vault had the largest observed 30d TVL increase at $246.4M. Ethena Staked USDe had the largest decline at -$212.3M (-13.70%).
Benchmarks
The USD and ETH benchmarks are vaults.fyi reference rates for onchain yield, shown as 7d average APY. Methodology: benchmark rates.
USD Stablecoin Yield Map
ETH Yield Map
USD Vault Net Flows
Spark USDC Vault had the largest observed 30d TVL increase at $246.4M. Ethena Staked USDe had the largest decline at -$212.3M (-13.70%).
Note: Morpho v1 to v2 migrations may affect observed vault flows.
Material Vault Flows
Larger 30d TVL moves that were also meaningful relative to starting vault size:
| Vault | Network | Protocol | Aug. 1 TVL | Aug. 31 TVL | 30d TVL change | Change |
|---|---|---|---|---|---|---|
| Spark USDC Vault | Base | Morpho | $6.7M | $253.1M | $246.4M | 3705.59% |
| Ethena Staked USDe | Ethereum | Ethena | $1.55B | $1.34B | -$212.3M | -13.70% |
| Steakhouse USDG | Robinhood | Morpho | $238.1M | $417.2M | $179.1M | 75.24% |
| Steakhouse Prime Instant | Base | Morpho | $568.4M | $449.2M | -$119.2M | -20.97% |
| Aave Plasma USDT0 | Plasma | Aave | $709.3M | $596.1M | -$113.2M | -15.96% |
| Aave v3 USDe | Ethereum | Aave | $783.6M | $672.2M | -$111.5M | -14.22% |
| Steakhouse High Yield USDC Edition | Base | Morpho | $260.6M | $358.9M | $98.3M | 37.71% |
| Sentora PYUSD Main | Ethereum | Morpho | $292.7M | $388.1M | $95.4M | 32.58% |
| Aave Monad USDC | Monad | Aave | $105.4M | $186.8M | $81.3M | 77.15% |
| Sentora RLUSD Main | Ethereum | Morpho | $273.9M | $343.9M | $69.9M | 25.52% |
| Aave Monad USDT0 | Monad | Aave | $118.0M | $61.8M | -$56.2M | -47.60% |
| Aave Plasma USDe | Plasma | Aave | $319.0M | $374.0M | $55.0M | 17.25% |
| Sentora PRIME Main | Ethereum | Morpho | $163.4M | $207.9M | $44.5M | 27.25% |
| USDC Savings Vault | Arbitrum | Spark | $171.5M | $213.8M | $42.4M | 24.71% |
| Spark Savings USDC | Ethereum | Spark | $268.6M | $308.9M | $40.3M | 15.01% |
| Steakhouse USDC | Base | Morpho | $175.2M | $139.6M | -$35.7M | -20.34% |
| Spark Blue Chip USDT Vault | Ethereum | Morpho | $61.0M | $34.9M | -$26.2M | -42.88% |
| Hyperithm USDC Degen | Monad | Morpho | $50.2M | $25.1M | -$25.1M | -50.00% |
USD Stablecoin Yield By Vault Size
| Segment | TVL | Vaults | 7d total APY | 7d base APY | 7d reward APY | Definition |
|---|---|---|---|---|---|---|
| >$1B TVL | $11.27B | 4 | 3.67% | 3.67% | -- | Large balance-sheet markets |
| $100M to $1B TVL | $11.73B | 39 | 4.10% | 3.59% | 0.51% | Institutional-scale vaults below $1B |
| $25M to $100M TVL | $3.44B | 71 | 4.75% | 4.47% | 0.28% | Mid-sized observed vaults |
| $5M to $25M TVL | $1.26B | 112 | 5.26% | 4.93% | 0.33% | Smaller observed vaults |
USD Stablecoin Dispersion By Asset
Highest USD Yields
Highest 30d trailing total APY vaults, minimum $5.0M TVL:
| Vault | Asset | Protocol | Network | Curator | TVL | 30d total | 30d base | 30d reward |
|---|---|---|---|---|---|---|---|---|
| NEMO USDC Yield | USDC | Upshift Finance | mainnet | NEMO | $11.1M | 33.11% | 33.11% | -- |
| aHYPER Looping Vault | USDC | Accountable | monad | Hyperithm | $7.7M | 24.58% | 24.58% | -- |
| Kain Warwick USD Coin | USDC | Wildcat | mainnet | Bodhi Ventures | $5.5M | 21.35% | 21.35% | -- |
| Hyperithm Delta Neutral Vault | USDC | Accountable | monad | Hyperithm | $97.8M | 15.77% | 15.47% | 0.30% |
| apyUSD | apxUSD | Apyx | mainnet | none | $173.9M | 14.01% | 14.01% | -- |
| Salt Markets Alpha | USDC | Accountable | monad | Salt Markets | $5.1M | 12.76% | 12.27% | 0.49% |
| Ember Pharos Alpha | USDC | Ember | mainnet | R25 | $7.1M | 11.95% | 11.95% | -- |
| Selini Tether USD | USDT | Wildcat | mainnet | Selini Capital | $7.5M | 10.65% | 10.65% | -- |
Vault leader universe: observed USD vaults with at least $5.0M TVL, reputation score of 40 or higher, 7d avg total APY of at least 0.25%, and no active warnings. Anomalous high APY observations are excluded.
Highest 30d trailing reward APY vaults:
| Vault | Asset | Protocol | Network | Curator | TVL | 30d total | 30d base | 30d reward |
|---|---|---|---|---|---|---|---|---|
| Re7 USDC | USDC | Morpho | worldchain | Re7 | $10.3M | 6.18% | 1.37% | 4.81% |
| Tokemak autoUSD | USDC | Tokemak | mainnet | none | $8.0M | 9.15% | 5.34% | 3.81% |
| Aave Horizon RWA RLUSD | RLUSD | Aave | mainnet | none | $159.0M | 5.02% | 1.38% | 3.64% |
| Aave Monad GHO | GHO | Aave | monad | none | $29.2M | 5.78% | 2.19% | 3.59% |
| Convex Curve Lending sreUSD/crvUSD | crvUSD | Convex | mainnet | none | $5.4M | 4.58% | 1.21% | 3.37% |
Methodology
Source: vaults.fyi API, /v2/networks, /v2/detailed-vaults, /v2/historical, and /v2/historical-benchmarks, pulled on 2026-08-31. The observed USD universe includes 226 vaults and $27.70B in current TVL after applying the filters below.
Observed USD universe: apxUSD, AUSD, bbqUSDC, BOLD, crvUSD, cUSD, DAI, DAI.e, deUSD, DOLA, eUSD, FDUSD, FRAX, frxUSD, GHO, GUSD, iUSD, LUSD, msUSD, PYUSD, reUSD, RLUSD, rUSD, savUSD, sBOLD, sDAI, sUSDai, USDe, sUSDe, sUSDS, TUSD, U, USD₮, USD₮0, USD0, USD0++, USD1, USDai, USDbC, USDC, USDC.e, USDG, USDH, USDHL, USDL, USDM, USDm, USDP, USYC, USDY, USDa, USDB, USDD, USDX, USDS, USDT, USDt, USDT0, USDtb, USR, vbUSDC, vbUSDT, waEthUSDC, waEthUSDT, WXDAI vaults with at least $5.0M TVL, reputation score of 40 or higher, 7d avg total APY of at least 0.25%, and no active warnings. Anomalous high APY observations are excluded. Yield map, yield-by-size, dispersion, and vault-level tables use this universe.
Flow analysis uses observed USD vaults with 30d historical TVL available.
APY values are displayed as percentages. API values are raw decimals. apy.7day.total equals base APY plus reward APY. Reward APY from rewards[] is not added again. Benchmarks are mainnet 7d avg benchmark APY series.
Appendix files: data/onchain_yield_snapshot.csv, data/onchain_yield_indicators.csv, and data/onchain_yield_flows.csv.
