Upshift

Onchain Capital Allocator

Upshift is a DeFi platform offering institutional-grade yield strategies and on-chain lending. It provides non-custodial vaults, overcollateralized loans, and Vault-as-a-Service (VaaS) for secure and efficient yield generation.

Risk Rating

Average

Protocol Code Quality

Protocol Maturity

Protocol Design

What is Upshift?

What we like

Upshift gives everyday users access to professional-level DeFi strategies without needing to be an expert. The platform is designed to be simple: you just deposit into a vault and start earning yield, with no need to manage multiple protocols or complicated positions.

What we like less

The platform isn’t fully transparent, you mostly see target APYs instead of detailed past results. There can also be several vaults for the same asset, which makes it harder to know which one to pick. Finally, because strategies are managed by selected partners rather than fully automated code, users need to place some trust in them.

What it means for you

Upshift can be a way to earn higher, steadier yields without having to manage complex DeFi strategies yourself. But it’s best for users who are comfortable with some level of trust in managers and don’t mind a few extra steps when choosing or withdrawing from a vault.

Information

Exploit/Hacks

None

Documentation
Auditors
- Audits
Please see our FAQ on experienced auditors

Info

Website
Tags: Onchain Capital Allocator

Key Metrics

TVL: $298.9M (Rank #75)
TVL Ranking by Onchain Capital Allocator: #2
Blockchain: Ethereum, Ethereum, Hyperliquid L1, Hyperliquid L1, Hyperliquid, Base, Avalanche, Avalanche, Base, Binance
Chain TVL
- Ethereum: $260.16M
- Ethereum: $181.72M
- Hyperliquid L1: $47.57M
- Hyperliquid L1: $34.33M
- Hyperliquid: $33.26M
- Others: $47.5M

Risk Assessment

Average

Protocol Code Quality

Code reviewed by several experienced auditors
Public team promotes accountability
No documented protocol hacks since launch

Protocol Maturity

Latest protocol version launched in 2024; maturity less than six months increases technical risk as smart contracts are less battle-tested
Top 5% by total value locked reduces risk
Multisig wallet controls protocol upgrades
Multisig consists of less than 4 signers, which makes the protocol more susceptible to centralization risks
No timelock exists or no information documented, which mean a malicious actor could approve upgrades without any delay
No governance token and/or contracts are fully immutable

Protocol Design

This protocol is susceptible to risks related to yield optimizers which deploy custom strategies to automatically manage user funds

Things to know about Upshift

What is Upshift

Upshift is a protocol that aims to bring “institutional-grade” DeFi to everyone. Instead of you having to jump between different apps and strategies, Upshift bundles them into simple vaults. You can deposit assets like USDC and let professionals manage the strategies for you. Upshift also offers lending, where approved institutions can borrow against their assets and pay interest back to depositors. For other DeFi projects, Upshift provides “Vault-as-a-Service,” letting them offer ready-made yield products to their own users.

How Upshift makes money

Upshift charges a small management fee on the vaults. This fee comes out of the yield your deposits earn and helps pay for the infrastructure, security, and management of the strategies.

How you make money on Upshift

You make money by depositing your crypto into an Upshift vault. Your funds are then used in strategies run by vetted managers or lent to institutions who pay interest. As these strategies earn, the value of your vault token grows, and when you withdraw you get back your original deposit plus the yield you earned. If you use another protocol that partners with Upshift, you might even see Upshift vaults built right into their platform, letting you earn yield without leaving the app you already use.

Upshift Pools

Upshift ETH Yield

rsETH

6.1%

Yield

$71M

TVL

Risk

Protocol

Upshift