Upshift is aimed at simplifying the DeFi process and giving users access to yield strategies managed by institutional DeFi participants. User can select vaults across a range of chains–Ethereum, Avalanche, Base, BNB Smart Chain, and HyperEVM–and then deposit tokens to access yield returns without needing to further manage positions. Additionally, Upshift is currently running a points rewards program, with a 5X multiplier for early depositors.
DeFi can become complex rapidly but a platform called Upshift, which came out of stealth mode this month, is hoping to open up yield opportunities in a more easy-to-access way, with a focus on returns related to institutional investment.
Additionally, there are points rewards on offer right now, so let’s take a look at how Upshift got started, what it offers, and how to use the protocol.
What Is Upshift?
Founded by the team behind DeFi prime brokerage August–and with vaults that make use of August’s smart contract infrastructure–Upshift, in its own words, “is designed for the next era of institutional-grade DeFi, as stablecoins and RWAs onboard trillions of on-chain capital”.
That August connection is important if you’re concerned about stability and security on the technical side, as August handles $7 billion in monthly volume, and with the stablecoin market cap rapidly expanding while interest in RWAs grows, accessing stablecoin yield is becoming an area of major demand.
Upshift has raised capital from investors including Dragonfly, Hack VC, and Robot Ventures, and prioritizes institutional-grade stablecoin and token yield, with access for retail users.
Its vaults are managed by DeFi hedge funds and institutions, and yield is generated from activity such as LPing, lending, and staking, along with protocol incentives. Upshift recently announced that it’s rolling out APY reports breaking down strategies and risk exposure, although this feature is not yet live.
As for what’s in it for users, the key point is simplified, passive access to yield opportunities from vaults that are actively managed by their creators, the idea being that complex strategies can be accessed through a single click. Additionally, Upshift’s way of operating is non-custodial, meaning users remain in control of their assets.
Upshift has a current TVL of $193.75 million, and a token breakdown from DeFiLlama shows that the biggest token on the platform right now is rsETH, which is the restaked ETH token from Kelp DAO.
Additionally, Upshift is running a points rewards campaign, with Season 1 live since the start of April. This means there is currently a 5X points multiplier for early depositors, with some vaults also offering points related to other protocols, and the Upshift campaign is scheduled to last for three months or until the total Upshift TVL hits $750 million. You can find a list of eligible vaults on the app’s points page.
As always though before getting started, be aware of the risks inherent to any DeFi protocol, even when security is solid, which include: smart contract vulnerabilities, front-end attacks, and structural risks across DeFi and crypto, including the possibility of stablecoin de-pegs.
How to Use Upshift
To get started you need to open the app and connect your wallet, with the protocol operating on…
