Extended

Multi-Asset Collateral is now live on Extended From today, wBTC and ETH are accepted as collateral alongside USDC and XVS (Extended yield-bearing collateral). EURC and USDT are coming soon. How it works The system operates on a native money market, with the vault acting as the primary lender. When trading losses push your USDC balance negative and that deficit is covered by non-stablecoin collateral, you are borrowing USDC. Borrowing rates depend on two factors: overall vault utilisation and utilisation against each specific collateral asset. For example, if demand to borrow USDC against ETH is lower than against BTC, borrowing against ETH will be cheaper. When a user holds multiple collateral assets, borrowing is automatically allocated starting with the lowest-rate asset and moving upward, minimising the effective cost with no manual input required. We are not aware of this being implemented anywhere else in DeFi. Example. User is down $175K on a perp and borrowing $175K USDC against a mixed book: $50K USDT @ 1% - $500 $50K ETH @ 5% - $2,500 $75K BTC @ 10% - $7,500 Total annualised interest: $10,500. Effective rate: ~6%. Borrowing the same amount entirely against BTC would cost $17,500 annually, or 67% more. What this means for Extended Vault The vault is the primary lender for the entire system. All interest paid by USDC borrowers flows to vault depositors as Extra Yield, on top of the trading fees already distributed. This creates a second, structurally independent yield stream for XVS holders. The vault earns by serving as the backbone of the margin system.