Your pUSD is supplied to Nest borrow markets, where users borrow against selected Plume vault tokens (such as nALPHA and nBASIS) to loop their positions or access liquidity without exiting. You earn interest paid by those borrowers. Rates adjust automatically based on utilization — the more of the vault's pUSD is borrowed, the higher the yield for suppliers.

The vault is curated by Re7, an independent risk management firm. Re7 decides which Nest borrow markets the vault supplies to, sets exposure limits for each market, and monitors collateral health. Plume surfaces the vault; Re7 is responsible for the allocation and risk parameters. All curator actions are timelocked on Morpho for security.

No. APY is variable and changes based on borrow demand across the markets the vault supplies to. When utilization is high, suppliers earn more; when utilization is low, yield compresses. The displayed APY reflects current conditions and is not a guarantee of future returns.

Withdrawals are permissionless and have no lockup, but they are subject to available liquidity in the vault. If utilization is at 100% — meaning all supplied pUSD is currently borrowed — you may need to wait until borrowers repay or new suppliers deposit before you can fully exit. You can always check Available Liquidity on the vault page before depositing.

Supplying pUSD carries risks that are standard for onchain lending. Here's what you should know before depositing. Variable APY — Yield changes based on borrow demand. When utilization rises, your APY increases; when demand falls, your APY decreases. Liquidity — Withdrawals depend on available liquidity in the vault. If utilization reaches 100%, you may need to wait for borrowers to repay or new supply to arrive before fully exiting. Borrower default — If a borrower's collateral falls below the liquidation threshold and can't be liquidated in time, the vault could take a loss. Re7's curation is designed to minimize this, but the risk is not eliminated.

Re7 charges a 20% performance fee on yield generated, which is already deducted from the APY displayed on the vault page. There are no deposit or withdrawal fees beyond standard network gas.