R2 Vaults Update: Upgraded Revenue Structure for the Next Phase
- 核心观点：R2升级Vaults，提供两种RWA收益产品。
- 关键要素：
- sR2USD目标APY约5%，高流动性低风险。
- sR2USD+目标APY 8%-10%，赛季锁定换取更高收益。
- 底层均为机构级RWA资产，无杠杆与通胀依赖。
- 市场影响：为链上用户提供更清晰的真实收益选择。
- 时效性标注：短期影响
R2 has officially announced a major upgrade to Vaults, further optimizing the revenue structure while adhering to its core principle of " bringing real, transparent, and real returns to the blockchain " to better meet the risk and liquidity needs of different users. This upgrade will officially launch with Season 2 (S2) .
After the upgrade, R2 will offer two clearly defined product structures with distinct purposes:
- sR2USD : High liquidity, low risk core yield Vault
- sR2USD+ : Enhanced yield Vault for long-term funds with a season-based cycle.
Both types of Vaults have underlying returns derived from institutional-grade real assets (RWA), without relying on leverage or token inflation.
sR2USD: Core Stable Yield Vault
Target APY: Approximately 5.0%
sR2USD is positioned as R2's core low-risk return product, targeting users who seek stable returns, high liquidity, and a predictable redemption experience.
Asset Structure
- VBILL (25%) : Liquidity-anchored asset and fast redemption buffer
- USCC (40%) : Enhanced liquidity benefits (T+3)
- STAC (25%) : Stable, predictable cash flow assets (T+3)
- MB (10%) : Short-duration, cash flow-supported yield-enhancing assets
Core features
- Risk level: Low
- Liquidity: High
- Redemption method: Early redemption is supported (T+3).
- Revenue distribution: Settlement occurs over a 90-day season cycle.
sR2USD aims to be a high-quality "cash management" product on-chain, achieving a balance between liquidity, stability, and real returns.
sR2USD+: Enhanced Vault Returns
Target APY: Approximately 8.0%–10.0%
sR2USD+ is designed for users who are willing to lock up funds for the entire season in exchange for higher returns. By introducing longer durations and a richer asset structure, it provides more flexible RWA returns.
Asset Structure
- VBILL (5%) : Used for NAV stabilization and minimizing liquidity buffers
- Apollo Acred (20%) : Long-term, institutional-grade income assets
- USCC (35%) : Enhanced liquidity benefits (T+3)
- STAC (10%) : Stable cash flow assets (T+3)
- MB (30%) : Short- to medium-term yield-enhancing assets
Core features
- Risk level: Low-medium
- Liquidity: Medium
- Redemption method: Redemption can be applied for T+3 after the end of each season.
- A 5% TVL is allocated as a dedicated liquidity buffer, providing a limited fast redemption channel.
- If you choose to redeem quickly before the end of the current season, you will be considered to have forfeited the gains for this period.
- Revenue distribution: settled according to the season cycle.
While maintaining transparency and prudent risk management, sR2USD+ introduces controllable terms and credit exposure to unlock higher real return potential.
Why is this upgrade so important?
- The product structure is clearer : users can make a clear choice between "liquidity priority" and "maximum returns".
- Pure RWA Revenue Logic : No Leverage, No Synthetic Revenue Design
- Institutional-grade asset construction : diversified assets, clear cash flow paths, and predictable redemption mechanisms.
- Season mechanism matches asset duration : Fund usage cycle is naturally aligned with underlying asset behavior.
With this upgrade, R2 further strengthens its position as an infrastructure for on-chain real asset returns, allowing real-world returns to enter Web3 more naturally.
In the future, R2 will continue to optimize its portfolio, transparency disclosure, and ecosystem integration to make real returns simpler, more credible, and more global.
Season 2 is about to begin. Stay tuned for more details and data performance.
