Earn

​

Earn

Earn is Reflect’s yield routing layer. Deposit a stablecoin you already hold and receive its plus asset, which appreciates as its reserves earn interest across Solana’s lending markets. There is no fund, no manager and no mandate. Allocation follows a published methodology built with Blockworks Advisory, executed by onchain programs, and you can redeem at any time.

​

How Earn Works

​

Where The Yield Comes From

Earn supplies reserves to overcollateralised lending markets on Solana. Borrowers post collateral worth more than they borrow, and pay interest for access to liquidity. That interest is the yield, and it is paid by borrowers rather than manufactured by a token incentive or a promise. Reserves are currently supplied across venues including Kamino and Jupiter Lend. Supplying to several markets at once, rather than one, keeps any single venue from dominating the position and lets the program move toward better rates as they appear. Every venue holding reserves is visible onchain, and the live allocation is queryable at any time.

​

How Allocation Is Decided

The difference between a yield aggregator and a yield router is whether anyone is exercising judgement in the moment. Earn is a router. Allocation follows a risk-adjusted methodology built with Blockworks Advisory, an independent research firm, and published in full. It is not an in-house view of which market looks good this week.

• Assets are classified before they can hold reserves. Each is scored on liquidity depth, issuer reliability and how widely it trades across venues. Only assets at the top of that scale are eligible.
• Strategies are stress-tested separately from their code. Economic security audits simulate and backtest each strategy under extreme conditions, so a strategy is judged on how it behaves in a crisis rather than in calm markets.
• Code is audited and public. Reviews by Offside Labs and Adevar Labs cover Reflect Core, yield routing and the whitelabel program, with every report in the audits repository.

The result is a rate that reflects what the market will actually pay for liquidity at a defensible level of risk, rather than the highest number available on any given day.

​

What You Actually Hold

• Interest accrues in the price. Your token count never changes. Each plus asset simply becomes worth more, so there is nothing to claim and nothing to compound manually.
• Rates are shown in real time. Reflect publishes the rate derived from interest generated second by second, not a trailing average that can flatter a rate which has already moved.
• Capacity is capped and visible. Each plus asset has a supply cap. Current supply and remaining capacity are published live.

​

Risks

A plus asset is not the same thing as the stablecoin it wraps, and it should not be treated as though it were.

• Multi-venue smart contract risk. Reserves sit in several lending markets, each with its own code, audit history and track record. That exposure compounds rather than diversifies away.
• Liquidity under stress. Withdrawal capacity depends on utilisation across venues. In stressed markets, redemption may be slower or more expensive than in normal conditions.
• Rate volatility. Lending rates move with borrower demand. A rate quoted today is not a rate promised tomorrow.
• Collateral and issuer risk. Earn inherits the risk of the underlying stablecoin and of the assets borrowers post against it.

Deposits are not insured. If you want downside protection, Protect lets you hold a senior position in a plus asset, where junior holders absorb losses first in exchange for a share of your interest. Anyone building on Earn should treat a plus asset as a higher-risk asset than the stablecoin it wraps, and disclose that to their own users.

​

Data and Transparency

Every number behind Earn is queryable, whether or not you integrate it.

​

Next