Curated by Gami Labs and Stake Capital

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How your XLM earns yield

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earnXLM is a conservative vault that lets you put your XLM to work while keeping your assets secured through professional custody (Upshift vault infrastructure and ForDefi Custody). You deposit XLM, you receive earnXLM (a receipt token that represents your share of the vault), and Gami Labs manages the strategy on your behalf.

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Where the yield comes from today

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The earnXLM Upshift vault currently runs a single, low-risk strategy called a carry trade:

1. Your XLM is deposited into Templar, a Stellar lending protocol, to generate yield.
2. Against this XLM deposit, the vault borrows USDC at a conservative ratio (well below liquidation levels). Gami Labs actively manages this borrow position and benefits from a particularly favorable borrow rate as Gami Labs curates an incentive campaign on Templar that subsidizes the USDC borrow rate, reducing the cost of the strategy and increasing your net yield.
3. That borrowed USDC is deposited into earnUSDC, another Gami Labs vault with a very conservative profile. It only supplies USDC to established lending protocols (Templar, Blend), a regulated money-market RWA fund (Centrifuge's deJTRSY), and Spectra fixed-yield markets.

In simple terms: you keep your exposure to XLM, the vault generates a stable USDC-denominated yield on top, and the difference between what it earns and the small borrowing cost is returned to you.

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The 5% APR boost

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On top of the base strategy yield (roughly 2–3%), the vault currently benefits from a public incentive program that brings total performance up to 5% APR. These rewards are paid in XLM and streamed continuously, using the Merkl distribution solution.

You will need to claim them once a week (see the FAQ), and you're free to redeposit them into the vault to compound your returns, or keep them.

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Managed and secured

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Gami Labs actively monitors and rebalances the strategy. Custody is handled through ForDefi (institutional MPC/multisig custody) and the positions are monitored 24/7 by HyperNative, an on-chain security solution.