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Waterline InfiniFi USDC ethereum · 654931
BlikelyThe infiniFi USDC vault aims to optimize yield on USDC lending against a wide range of collateral assets from the infiniFi ecosystem.
How you get outNo notice periodread 2026-10-16
The contract imposes NO notice period: a redeem settles in the transaction that asks for it. That is not a promise of an instant exit — it is still subject to the vault having the money, which is the liquidity reading and a separate question — but there is no queue, no request step and no lock-up in the contract.
Six risks, read separately
The same six across every vault we scoreSix risks, read separately
Strategy risk band Moderate
The overall band reads `moderate` while 1 dimension read worse: market severe. The band weighs them against everything else, which is why it can read better without being in conflict.
| Risk | Reads |
|---|
This vault's size is proved against its own contract
The contract holds 1,205,762.01 USDC, read from the chain by its token. At the price we publish that is $1.21M, against the $1.21M shown above.
Only half of this is ours. The quantity comes from the contract and can be checked by anybody; the price comes from defillama:coins, so a wrong price would move both figures together and this would still agree.
The advertised rate has been moving
Over 121 daily readings it has ranged from 4.25% to 19.42%, averaging 6.56%. The tile below shows today’s quote alone.
121 readings is 121 days, not a year. We began taking them on 2026-09-19 and this window grows with the record rather than standing in for a longer one.
The advertised rate we compare against is not a typical one
The published ratio divides the realised rate by the rate this vault quotes TODAY. Over 121 of the 169 days the return covers we hold its own quotes, it advertised between 4.25% and 19.42%, averaging 6.56%, and today's quote is near the BOTTOM of that range, so the published ratio flatters the delivery. Against the average it quoted, the realised rate is 97.79% of it. We hold no quote for the rest of the window, so this says what the venue was advertising while we watched and not across the whole return. 27 of those days we recorded ourselves and 94 come from the venue's own published history, which is the same fact read later rather than a different one.
The verdict band is published with the answer: below 0.5 of the advertised rate is short, above 1.5 is beating, everything between is in line. It is wide on purpose, because the two rates are measured differently: one is what the venue quotes, the other is what its own share price did.
Taking money
—
Supplied
$1.21M
$1.02M lent out · 85% utilised
Return
2.6%
over its recorded history, partly reconstructed
The venue advertises
5.5%
the share price implies 6.4% over 30 days, from 111 readings
Recent
Value and drawdown
This chart shows the last 30 days of a 169 day record; the whole-record figures on this page are measured over all of it, and the 30, 90 and 365-day figures over their own windows, dated below. The rest is the Analyst tierRange
Hover for values. Upper: vault value, with BTC indexed to the same starting capital. Lower: how far below its own peak it was.
What is lent out, and what is free
27 days read, one a day, from the vault’s own figures.Lent outFree cash
Range
The two bands add up to what depositors supplied. Free cash is what is not lent; what the contract will actually pay out can be less, and the evidence below says which of the two we read for this vault.
Range
Past about ninety-five per cent the percentage stops being the useful number and the dollars beside it take over: a vault can be 99% utilised with a hundred million free, and 99% utilised with a thousand.
The rate, and the seven things that qualify it
A quoted rate is one input, not a verdict. These are the same seven fields in the same order for every vault, so a high rate and a high rate nobody can withdraw from do not look alike.
- Current quoted rate
- 5.5%As the venue states it, from Morpho Vaults V2. Passed on rather than adopted, and whether rewards are inside it is the next row.
- Rewards inside that rate
- 0.0%of it is a reward rateA published rate, not a verified payment. Promotional projections and amounts actually accrued are different things and this is the first.
- Realised return
- 6.4%over 30 daysDerived from the share price we read, over the window stated. Annualisation is secondary: the window is the measurement.
- Fee basis
- Inside the share priceA return derived from the share price is net of whatever the venue already deducted. Fees charged outside it are not in either number.
- Withdrawable now
- $1.20M
Share price and yield
Realised yield is the share price's own 30-day return, annualised, with no smoothing.Range
What one share is worth, in USDC. It moves only when the strategy earns or loses; deposits do not move it.
Realised, trailing 30dAdvertised by the venue
Range
Solid: what a holder got. Dashed: what the venue advertised, kept since 18 Sep 2026 (121 days held).
If you had deposited
$10.0k would be $10.1k , a gain of $144.83, 1.4% over 89 days.
Computed from the price of one share, so another depositor arriving is never counted as this strategy’s performance. Fees the venue charges inside the share price are included; anything charged outside it is not. It says what this vault did between two dates and nothing whatever about what it will do next.
No strategy has been declared for this vault
Everything above is reconstructed from public data. A declaration is free, signed from this vault’s own key, and cannot be edited afterwards.Note 28
Evidence
What a risk decision about this vault can rest on
Six questions, and what we hold for each. This is not a score and there is no letter at the end of it: the answers are different kinds of thing and compressing them into one number would hide exactly the part a reader needs. Where we have nothing, the row says so.
- What does it hold or lend into?Measured1 collateral read, $1.20M supplied, across 2 marketsRead from the vault’s own holdings. Concentration and the assets themselves are below. Its largest single market holds 100% of what anybody has supplied there.
- How much could leave now?Measured$1.20MWhat the contract will pay out now, read from it. Not the same as what is idle.
- Who runs it, and what else have they run?MeasuredWaterlineA named operator with a record across every vault they run, including the ones that closed.
- What does it depend on?DeclaredMorpho Vaults V2 on Ethereum
Passport
Identity
Vault contract0xbeEFF752…4931
NetworkEthereum
Platform
Morpho Vaults V2
Operator
Waterline0xC5fA35a7…dBdB
Waterline0xC5fA35a7…dBdBDeposit assetUSDC
Created on-chain2026-04-30
First observed by us2026-09-19
Who can move the money
ThinOne party holds more than one of the roles, or nobody can veto a change once its timelock expires.
- OwnerCan change the vault.
- 0x5c48cffd…92fc
- CuratorDecides what it lends against.
- 0xc5fa35a7…dbdb
- GuardianCan veto a change while the timelock runs.
- none set
- What holds the keys
- A contract
- Notice before a change
- none on this path
- Can be halted
- no pause function found
- Can replace the code
- no proxy admin found
And whether that has changed
What the manager moved
read 1 October 2026, over 30 days24 transactions moved assets on the vault’s own account, across 1 token.
Counted as manager activity because the transaction carried neither a deposit nor a withdrawal. 130 further transfers travelled with somebody’s own money and are not counted here. A transfer is not a trade: this says the contract acted, not that it acted well.
How this vault behaves
from 67 fills over 88.62 daysTiming indicates rules automated management, confidence 67%.
- · Reallocations spaced with machine regularity (median gap 94800s).
- · A large share of reallocations land on minute boundaries.
Overnight activity 36%
Hour-of-day evenness 89%
Cadence regularity 82%
Clock alignment 60%
Fills per day 0.8
Instruments 2
Timing only. This says nothing about whether the strategy is any good, a losing bot is still a bot.
Who is in it
Money in and out
Ledger read 1 hour agoAnalyst tier
Detail is hidden, not absentWho is in this vault, and how much of it is one wallet
A vault that is eighty per cent one depositor is a vault whose price can be reset by a single withdrawal, and whose headline TVL says almost nothing about whether anyone else believes in it. Concentration is the risk a return figure never shows, and it moves before the return line does.
See what unlocksAlready a customer? Sign inWhat is still missing
- Operator cohort. We show what the venue still exposes; strategies deleted before we began observing are invisible, and only pre-registration can make a cohort provably complete.
- Gross-to-net waterfall. Returns are venue-reported and not yet decomposed into fees, funding and slippage.
- Off-chain exposure. Anything held on a centralised exchange is invisible to us, so the risk shown is a floor.