Earning with sUSDnr

sUSDnr is the yield-bearing staked form of USDnr. It's an ERC-4626 vault share issued by an Upshift vault deployed on Fluent mainnet. Yield compounds into the exchange rate — 1 sUSDnr is worth more USDnr tomorrow than today, net of fees.

How to get sUSDnr

Today, there is one way in:

  1. Hold USDnr on Fluent mainnet
  2. Go to app.nerona.xyz
  3. Stake USDnr into the Upshift vault → receive sUSDnr

You cannot stake USDC directly into sUSDnr. You must mint USDnr first. This is a deliberate design choice — sUSDnr is backed by USDnr, not USDC, and the two-step flow preserves the accounting integrity of the vault.

Once a DEX pool with sufficient depth exists, users will also be able to swap directly from USDC or other stables into sUSDnr in a single transaction routed through on-chain liquidity.

Where the yield comes from

The Upshift vault deploys USDnr across a curated basket of DeFi strategies. Capital is bridged from Fluent out to the EVM chains where the strategies execute. Strategy categories include:

  • Money markets — supplying to blue-chip lending protocols (Aave, Morpho, Euler)
  • Fixed-rate and tokenized yield — Pendle PT positions and related structured yield
  • Stablecoin liquidity — curated LP positions in deep, battle-tested pools

Every strategy is non-levered. The vault does not run delta-neutral funding trades, does not short, and does not borrow against its own collateral. Yield is real — APY from underlying protocols, plus any protocol rewards captured along the way.

How yield accrues

sUSDnr follows the ERC-4626 standard. Yield realized by the underlying strategies is paid back into the vault contract, which increases the USDnr value of each sUSDnr share. There is no rebasing. If you hold 100 sUSDnr, you still hold 100 sUSDnr — but each share now redeems for more USDnr.

The share price is calculated as:

sUSDnr price (in USDnr) = totalVaultAssets / totalSupplyOfShares

Composability

Because sUSDnr is a standard ERC-4626 / ERC-20 token, it composes anywhere an ERC-20 can go: DEX liquidity, Pendle PT/YT markets, lending markets, structured products. We expect sUSDnr to be a building block, not an endpoint.

An isolated lending market pairing sUSDnr as collateral against USDnr as debt is on the roadmap — see What's Coming.

Redemption

sUSDnr redeems back to USDnr via two paths:

  • Standard redemption — 4-day unwind period, no fee
  • Instant redemption — executed immediately, 1% fee paid to Nerona treasury

See Redemptions for the full mechanics.