Sève Carry Book
Sève SAS · Wildcat seve1 USDT0 → Yuzu yzSyrup (Morpho USDC/USD3 until 10 Oct)

Sève Carry Book

Sève borrowed 49,990 USDT0 on Wildcat at 7.35% all-in, bridged it to Ethereum, swapped to USDC, lent it on Morpho and on 10 Oct moved it to Yuzu yzSyrup. Loading figures…

Snapshot 10 Oct 2026 11:45 UTC
Net P&L to date…
Wildcat interest owed…
Earned to date…
Carry right now…
Race since the loan was drawn

Interest paid to Wildcat vs earned

Wildcat interest + fee (cumulative)Earned: Morpho, Merkl USDC, yzSyrup (cumulative)Without Merkl

The orange line starts on 10 Sep, when the loan was drawn. The blue line starts on 15 Sep, when the money reached Morpho; the first 4.8 days were pure cost. The marker on 10 Oct is the move to yzSyrup.

Where it was won and lost

P&L bridge

Rate we earned vs rate we pay

Yield vs Wildcat cost

Morpho base supply APY (daily)Base + Merkl USDC rewardsyzSyrup rate set by YuzuWildcat all-in cost 7.35%

When the book turns positive

Break-even countdown

Wildcat charges 7.00% to lenders plus a 5% protocol fee on that interest, so 7.35% on the full 50,000 supplied. yzSyrup accrues at the daily rate Yuzu sets on-chain.

Carry / year
…
Per day
…
Break-even
…

Balance sheet, both wallets

What Sève holds vs what it owes

yzSyrup, 48,845.28 shares (borrower Safe)
…
Merkl USDC, earned, claimable after the next root
…
USDC idle (rebalancer Safe)
110.63
PYUSD idle (rebalancer Safe)
39.94
XPL gas float (borrower Safe, 29.95 XPL)
3.00
Assets
…
Wildcat principal drawn
49,990.00
Accrued interest + protocol fee
…
Minus cash still in the market
…
Owed to Wildcat
…
Equity (assets − owed)
…
Where the money is now

Yuzu yzSyrup

yzSyrup (0xc985…09b1, Ethereum, USDC in) runs leveraged Maple syrupUSDC/syrupUSDT loops on Aave, Morpho, Euler and Fluid. The 50,104.00 USDC deposited on 10 Oct went straight to Yuzu's wallet 0x18f6…17f6; the vault contract holds shares, not the loops.

Deposited 10 Oct 11:45 UTC
50,104.00 USDC
Shares received
48,845.28
Entry share price
1.025765
Share price now
…
Value now
…
Yuzu's on-chain accrual rate
…
Realised yield before entry, 7 / 30 / 60 days
9.39 / 9.44 / 9.51%
Last pool revaluation by Yuzu
6 Aug 2026
Vault TVL at entry
$5.05M
Mint, redeem, management, performance fees
all 0 today
Yield is set, not measured. The share price grows at a daily rate Yuzu sets (dailyLinearYieldRatePpm, 261 ppm/day). Yuzu last re-marked the pool size on 6 Aug 2026, so for two months the price has not reflected any fresh valuation of the loops. A loss shows up only when Yuzu books it.
Exit is discretionary. Redemptions are orders that Yuzu's order filler pays out. After the 24 h fill window an unfilled order can only be cancelled, which returns the shares, not USDC. Yuzu advertises 3-day liquidity.
Admin. A 48 h TimelockController (0xD216…7E5e) holds the admin role. Admin can withdraw collateral and change fees, so the zero fees are a current setting, not a cap.
What the extra yield pays for. Maple credit on syrupUSDC/USDT, liquidation and depeg risk on leveraged loops, and stablecoin borrow-rate spikes (the Morpho USD3 market hit 30.7% on 30 Sep, the kind of rate a loop pays). The vault has about 90 days of history.
Every money-moving transaction

Ledger

Date (UTC)WalletWhat happenedKindP&L (USD)Tx
Read before quoting

Notes

2.71 USDC to an unidentified address. Both Safes sent 1.354 USDC to 0x8bb8…f99d (an EOA) on 10 Sep. It is counted as a loss until we know what it paid for.
Who gets the interest. 95% of the Wildcat cost goes to the only lender, the Mithras treasury Safe 0xd884…5016; 5% goes to Wildcat as protocol fee. Seen from the group, only the fee and the execution costs leave.
Gas is off this book. Safe signers paid it. Operations: 0.00104 ETH (≈ $2.83) to 29 Sep, plus the 10 Oct claim, withdraw and deposit. One-off setup (Wildcat market deploys on Ethereum and Plasma, Zodiac roles on the rebalancer): 0.0151 ETH (≈ $41) plus 0.012 XPL.
Merkl rewards are counted. The Morpho USD3/USDC market paid USDC through weekly Merkl campaigns (about 1.4% falling to 0.8%). Earlier versions of this page left them out. 33.41 USDC was claimed on 10 Oct and went into yzSyrup; a few cents earned before the exit are still pending the next Merkl root.
Stables marked at par. USDT0, USDT, USDC and PYUSD are all valued at $1. Swap losses are measured in token units received versus sent. yzSyrup is valued at Yuzu's share price.
Sources. Wildcat debt read from totalDebts − totalAssets on Plasma; Morpho value from supply shares on Morpho Blue; yzSyrup from convertToAssets; daily points are archive reads at 00:00 UTC; APY history from the Morpho API; Merkl rewards from the Merkl API, spread evenly over each campaign window for the charts.