Architecture and Flow

csUSDL is an ERC-4626-compliant Liquid Lending Token (LLT) that represents a tokenized position of USDL within the Coinshift USDL Morpho Vault. Adhering to the ERC-4626 standard; Vaults are composable within the DeFi ecosystem and easily integrated into wallet UIs. This compatibility allows them to be used as collateral in certain Morpho Markets, such as borrowing USDC against csUSDL. Morpho Vaults is an open-source (GPL) protocol for permissionless risk curation on top of Morpho.

The technology behind the vault

Morpho Markets The Coinshift USDL Vault is built on Morpho, a next-generation protocol that prioritizes capital efficiency, flexibility, and security. Morpho’s compact, immutable codebase reduces potential attck surfaces.

ERC-4626 Compliance The vault complies with the ERC-4626 standard, providing a standardized interface for yield-bearing tokenized vaults. This compliance ensures interoperability with other DeFi protocols and applications.

Tracking Here is the Morpho Vault address created by the Factory, being a smart contract deploying immutable on-chain instances of Morpho Vaults: eth:0xc01Ba42d4Bd241892B813FA8bD4589EAA4C60672

Oracles For the oracles, the markets use Chainlink. It has been the main oracle provider of DeFi for the last 5 years and has been battle-tested especially for the stETH/USD and cbBTC/USD feed used.