> For the complete documentation index, see [llms.txt](https://docs.origami.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.origami.finance/the-third-fold-opal/opal-perpetual-pt-collection/liquid-leverage-susde-usde-plasma/vault-synopsis.md).

# Vault Synopsis

The Liquid Leverage sUSDe/USDe vault provides liquid leveraged exposure to sUSDe native yield, USDe lending rates and Merkl rewards on Plasma.

#### Strategy Overview

The vault holds sUSDe and USDe tokens as collateral on Aave V3 (Core) and borrows USDT0 to achieve liquid leveraged exposure to the spread on the supply/lend yields. The depositor's vault share remains valid across all incentive campaign periods.

The yield source is the difference between the sum of yield from staking USDe, Merkl reward yields and the USDT0 borrow cost on the lending market. As long as the borrow costs are lower than the reward yields, the vault generates a positive yield spread.

$$
\text{Yield Spread} = \text{(Staking yield + Merkl Reward Yields)} \times \text{Leverage} - \text{Borrow Rate} \times (\text{Leverage} - 1)
$$

#### Current Position

| Parameter             | Value                              |
| --------------------- | ---------------------------------- |
| Chain                 | Plasma                             |
| Underlying            | sUSDe (Ethena)                     |
| Current Reward Market | sUSDe/Merkl                        |
| Lending Market(s)     | Aave V3 (Core)                     |
| Debt Token            | USDT0                              |
| Deposit Token         | sUSDe or Any (Zap-enabled)         |
| Share Token           | opal-sUSDe-merkl-PLASMA-a (ERC-20) |
| Target Leverage       | 9x (may vary)                      |
| Current LTV           | 89%                                |
| Liquidation LTV       | 92%                                |

{% hint style="info" %}
Liquid Leverage addresses the 7-day unstaking cooldown issue for sUSDe users. By maintaining at least half the position in USDe and employing leverage, it creates a loop that keeps a portion of the funds liquid, free from the 7-day cooldown constraint.
{% endhint %}

#### Vault Actions

| Action   | User Provides              | User Receives              |
| -------- | -------------------------- | -------------------------- |
| Deposit  | sUSDe or Any (Zap-enabled) | opal-sUSDe-merkl-PLASMA-a  |
| Withdraw | opal-sUSDe-merkl-PLASMA-a  | sUSDe or Any (Zap-enabled) |

#### Adapters in This Vault

| Adapter                | Type    | Purpose                                           |
| ---------------------- | ------- | ------------------------------------------------- |
| Multi-asset Collateral | Aave V3 | Holds sUSDe and USDe as collateral, borrows USDT0 |

Additional adapters (e.g., Morpho, Euler) may be added in the future to access alternative borrow liquidity. See [The Adapter Layer](/the-third-fold-opal/how-does-an-opal-vault-work.md#the-adapter-layer) for details on how new adapters are deployed and migrated.


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