Create a new USDC vault which relies on Alchemix and Abracadabra lending to facilitate use of the yvUSDC tokens.
Alchemix is a self-paying DAI-collateralized loan. It achieves this by taking DAI deposits and lending a stable equivalent called alUSD. The DAI deposits are then placed into the DAI Yearn vault and returns are used to pay off the alUSD loan.
Abracadabra uses yvUSDC tokens as collateral for issuing a similar stable token called MIM. Loans can be up to 90% LTV.
Ability to utilize the yvUSDC tokens in an efficient way to earn higher stablecoin yields.
The vault would accept yvUSDC tokens. These tokens would then be used to take a 90% LTV loan on Abracadabra in MIM. The MIM would be swapped in the Curve MIM-3Pool Metapool for DAI. The DAI would be deposited as collateral into Alchemix for a 50% LTV loan of alUSD. The alUSD could then be staked with Alchemix or deposited into the DAI vault. Staking the alUSD pool in Alchemix provides ALCX rewards which could then be staked in the Alchemix ALCX pool.
10,000 yvUSDC: ~15%
9,000 MIM swapped for DAI and deposited into Alchemix: ~12% (in Yearn DAI vault)
4,500 alUSD staked: ~45% (denominated in ALCX)
Take ALCX returns and restake in ALCX Pool, ~170%.
Create a separate vault for yvUSDC to be used for strategies with Alchemix and Abracadabra.
No new yvUSDC vault.