$sUSH - Staked USH
The reward-accruing version of $USH
What is $sUSH?
$sUSH is the staked version of $USH that captures the excess growth generated by the underlying HEI portfolio. When you stake $USH, you receive $sUSH, which automatically accumulates more $USH tokens over time.
How Rewards Work
The daily minting mechanism captures excess portfolio returns in the form of new $USH tokens. After funding operations (~1-1.5% annually) and any governance initiatives, the remaining tokens flow to the $sUSH staking contract.
Your $sUSH continuously accumulates value through an increasing exchange rate—no claiming needed.
What Determines APY
Staking Ratio: The key variable. If only 50% of $USH is staked, yields effectively double for stakers compared to 100% staked.
Cash Management: The protocol's ~20% cash reserves facilitate liquidity, but create drag on returns. During redemption periods, reduced cash positions can actually increase yields as more capital remains in yielding HEIs.
Market Performance: HEI asset performance impacts how NAV changes over time.
Key Features
Auto-compounding: Your $sUSH represents an ever-growing amount of $USH
No claiming needed: The $sUSH:$USH exchange rate increases automatically
Liquid token: $sUSH can be traded or used in DeFi
28-day cooldown: Required when converting back to $USH
Instant Liquidity Option
You can sell $sUSH directly on DEXs without unstaking or waiting.
The Cooldown Period
When unstaking $sUSH to $USH:
28-day waiting period
No rewards earned during cooldown (emissions foregone by these positions are redirected to the Reserve Pool as "abandoned rewards")
Risk Considerations
Yields vary based on:
Underlying HEI portfolio performance
Staking participation rates
Protocol cash management
Real estate market cycles
Governance decisions
While sustainable through real asset returns, yields are not guaranteed or fixed.
Why Stake
$USH holders: Get pure real estate exposure (3–5% annually)
$sUSH holders: Get real estate exposure PLUS excess portfolio returns
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