I hadn’t been keeping an eye on Sui for a while, and was surprised to find that the familiar Bluefin vault layer now supports Ethereum. The core is still on Sui; what’s changed is that Ember, which it incubated, is no longer serving Sui alone.
The newly launched PPLUS vault offers around 11% for a standard deposit. Looping through Suilend or Bluefin Lend can bring the estimated yield to 30%+. I deposited with Ember last year, then withdrew during the bear market. This time, I’m curious to see how it has packaged its complex strategies.
PPLUS stands for Bitwise Premium+ RWA Vault. You deposit USDC, Ember mints shares, and Bitwise selects the assets, allocates the portfolio, applies leverage, and manages risk. The underlying assets are three types of tokenized credit: Huma’s short-duration cross-border payment financing; USD_ai loans backed by AI GPUs; and high-quality home equity debt from Hastra, which partners with Figure. You deposit with Ember; Bitwise is the strategy manager, not the issuer or operator.
It differs from the earlier PAPY: PAPY is more like an overcollateralized lending vault, with a target yield of around 5%–6%; PPLUS adds leverage to similar RWAs, with an official target of 10%+ and higher risk. Yield comes from three layers: interest on the underlying credit, the vault’s internal leverage spread, and using PPLUS as collateral in lending markets. The third layer is optional, not standard. Current TVL is around $12.84M.
Two ways to use it:
1/ Standard deposit, with an expected yield of around 11%; deposits are available on Sui or Ethereum.
2/ Lending loop: deposit PPLUS into Bluefin Lend or Suilend, borrow USDC, swap it for more PPLUS, and deposit it back, for an expected yield of over 30%. But the vault already uses leverage internally, so looping adds lending leverage on top of the strategy’s leverage. Keep a close eye on liquidation levels.
Greater potential for returns also means greater risk. The official warning states that this is a leveraged credit strategy and that deposited assets could be partially or completely lost.
A note on Bitwise: founded in 2017, it is a crypto asset management firm. According to the company, it manages over $15 billion in client assets and offers more than 40 products across US ETFs and European ETPs. Its spot Bitcoin ETF, BITB, has around $3.2 billion in assets, while its Solana staking ETF, BSOL, has over $1.2 billion, making it currently the world’s largest SOL ETF.
In other words, PPLUS isn’t a high-yield box hastily put together by a new team. It brings an onchain strategy from an asset manager that has managed BTC, ETH, and SOL for traditional investors.
The above is for informational purposes only and does not constitute investment advice.
BitHappy, always evolving
The newly launched PPLUS vault offers around 11% for a standard deposit. Looping through Suilend or Bluefin Lend can bring the estimated yield to 30%+. I deposited with Ember last year, then withdrew during the bear market. This time, I’m curious to see how it has packaged its complex strategies.
PPLUS stands for Bitwise Premium+ RWA Vault. You deposit USDC, Ember mints shares, and Bitwise selects the assets, allocates the portfolio, applies leverage, and manages risk. The underlying assets are three types of tokenized credit: Huma’s short-duration cross-border payment financing; USD_ai loans backed by AI GPUs; and high-quality home equity debt from Hastra, which partners with Figure. You deposit with Ember; Bitwise is the strategy manager, not the issuer or operator.
It differs from the earlier PAPY: PAPY is more like an overcollateralized lending vault, with a target yield of around 5%–6%; PPLUS adds leverage to similar RWAs, with an official target of 10%+ and higher risk. Yield comes from three layers: interest on the underlying credit, the vault’s internal leverage spread, and using PPLUS as collateral in lending markets. The third layer is optional, not standard. Current TVL is around $12.84M.
Two ways to use it:
1/ Standard deposit, with an expected yield of around 11%; deposits are available on Sui or Ethereum.
2/ Lending loop: deposit PPLUS into Bluefin Lend or Suilend, borrow USDC, swap it for more PPLUS, and deposit it back, for an expected yield of over 30%. But the vault already uses leverage internally, so looping adds lending leverage on top of the strategy’s leverage. Keep a close eye on liquidation levels.
Greater potential for returns also means greater risk. The official warning states that this is a leveraged credit strategy and that deposited assets could be partially or completely lost.
A note on Bitwise: founded in 2017, it is a crypto asset management firm. According to the company, it manages over $15 billion in client assets and offers more than 40 products across US ETFs and European ETPs. Its spot Bitcoin ETF, BITB, has around $3.2 billion in assets, while its Solana staking ETF, BSOL, has over $1.2 billion, making it currently the world’s largest SOL ETF.
In other words, PPLUS isn’t a high-yield box hastily put together by a new team. It brings an onchain strategy from an asset manager that has managed BTC, ETH, and SOL for traditional investors.
The above is for informational purposes only and does not constitute investment advice.
BitHappy, always evolving